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Industry News

Don't believe the hype on Apple Pay says MasterCard global chief

The Sydney Morning Herald

MasterCard's global chief, Ajay Banga, has not yet seen a good reason for people to ditch their credit cards for mobile devices.

"If you add value, people will do it. But if all you are doing is saying 'instead of reaching in your pocket and taking out your card, well, now you are going to take out your phone and wave it' - I don't know what you are solving," he said, pointing out habits and cultural norms change much slower than technology.

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