MAG Insights

Announcements from the MAG & Featured Articles

Sponsor Spotlight - Evolution of Payments

By Steve Carnevale, Senior Vice President, MasterCard Worldwide

If you’ve been in this business for a few years, you’ve likely seen the evolution of the payments business, both in terms of the products available to consumers and the ways these products are used in local stores and locations.

As important in the evolution of payments is the evolution of the relationship between merchants and the payment networks.  At MasterCard, we’ve been focused on and invested in our relationships with merchants for several years.  We believe the result is our recognition of the merchant community as important participants in the payment system and as important customers of MasterCard.

For us, this comes to life not only in our daily interaction with our customers, but through the engagement and dialogue we have with the larger merchant community through organizations like the MAG.  It’s this type of open discussion that is leading to greater advances that benefit your customers – and our cardholders.

One example that comes to mind is the current migration to EMV here in the United States.  Before introducing our roadmap back in 2012, we consulted with our customers – issuers, merchants and others – to understand each group’s perspective in order to better inform our final approach.  We believe the result is a framework that provides our customers with the flexibility to manage their own business and technology decisions. 

The collaboration and partnership continues today as we take learnings from other parts of the world and tailor them to the U.S. activities.  This can be seen in our efforts to simplify and enable the deployment of EMV by providing counsel, tools and processes, such as a cost-benefit model to help you build the business case and convert business decisions into tactical execution.

We look forward to continuing this type of collaboration and engagement for mobile, eCommerce and all types of payment innovations yet to come and, in turn, help you to grow sales, improve operational efficiencies and fight fraud.

Steve Carnevale, Senior Vice President, MasterCard Worldwide