MasterCard launches R&D arm
(19 April 2010 – Global) MasterCard has announced the launch of its new global research and development arm, in an effort to speed up its contribution of new payments technology in the market.
The new arm, headed by former Orbiscom CEO Garry Lyons, will be compiled of a team of research and development engineers who will ‘drive innovations through conceptualisation, proof of concept, pilot, and support commercialisation’, the card giant said.
Mr Lyons previously worked for card security company Orbiscom prior to it being acquired by MasterCard in 2008.
Ajay Banga, MasterCard's chief executive officer, said that technological innovations such as inControl, PayPass, MoneySend and the new Marketplace online mall, have established the firm as a major player in the ‘payments landscape’.
The establishment of the new lab is to continue accelerating this trend as MasterCard faces increasing competition from Internet and mobile-age competitors such as PayPal, Mr Banga said.
As the world continues to migrate toward a cashless society, MasterCard will be focused on delivering what's next, faster and more efficient than ever before, said Mr Banga.
Mr Lyons previously worked for card security company Orbiscom prior to it being acquired by MasterCard in 2008.
Ajay Banga, MasterCard's chief executive officer, said that technological innovations such as inControl, PayPass, MoneySend and the new Marketplace online mall, have established the firm as a major player in the ‘payments landscape’.
The establishment of the new lab is to continue accelerating this trend as MasterCard faces increasing competition from Internet and mobile-age competitors such as PayPal, Mr Banga said.
As the world continues to migrate toward a cashless society, MasterCard will be focused on delivering what's next, faster and more efficient than ever before, said Mr Banga.
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