Ajay Banga, chief executive officer at MasterCard, said that the economic recovery will take "hard work" and as much as 18 months but that a "double-dip" recession is unlikely. "I'm not a double-dip believer," he said. Mr. Banga also discussed mobile payments, saying it is "a real opportunity, just like e-commerce is a real opportunity. But 50% of our time is growing my core businesses -- credit, debit and prepaid processing -- because that'll pay for the rent and the lights for the next few years."

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