MasterCard is ramping up its efforts to compete against PayPal and other newer, high-tech groups by investing in a new division. MasterCard Labs will be dedicated to more quickly bringing products to market. "The secular trend of moving from cash and checks to other forms of payments will accelerate, especially in countries other than the U.S.," said Ajay Banga, the new chief executive at MasterCard. "To stay ahead of that curve, we've got to create the right partnership and teamwork."

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