Many of the largest credit card companies in the world are hoping to make cash payments a thing of the past by encouraging more extensive usage of their payment systems.
In a recent interview with the St. Louis Dispatch, MasterCard CEO Ajay Banga said that while majority people around the world still use cash more frequently than debit or credit card payments, there was some progress being made. The source notes that last year, MasterCard reported that there was an 18 percent increase in transaction volume.
Banga says that his firm is looking to make progress in terms of how people choose to make payments.
“You can think about getting more of the electronic share, but then there’s the other 85 percent, and every percentage point we take from that is a very big gain for us,” Banga said in an interview with the newspaper.
One of the ways that MasterCard has been hoping to increase usage is by marketing credit cards to high-end customers. In September, the firm, which handles merchant services-related transactions, launched the World Elite card program for consumers in Asia.Back To Blog