Ajay Banga has a cash problem.
At a recent dinner, the chief executive officer of MasterCard Inc. found he had no change to tip the coat check person. His wife was eventually able to produce some money from her purse, but he called the episode “very embarrassing.”
As head of the world’s second-largest payment processor, Mr. Banga can be excused for having an affinity for plastic over cash. But for his company, it’s not a lack of cash that’s the problem – the challenge is that there’s still a huge amount of it being used.
MasterCard seeks new ways to trump cash - The Globe and Mail
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