MasterCard's India-born president and CEO Ajay Banga on Monday said India is a 'more exciting' market than China for the cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system.
"India still uses a lot of cash in its economy. All I am interested in is converting utilisation for retail payments from cash to alternative forms," said Banga.
Speaking on the sidelines of the 'India Conference' organised by the Harvard Business School (HBS) and Harvard Kennedy School, the IIM Ahemdabad alumnus said India is undertaking various steps to help drive 'electronification' — from the unique identification number scheme to mobile payments.
Sheer availability and acceptance of cards will help drive growth of the electronic payment system in India and "I am keen to do that," he said.
Banga, who was named MasterCard CEO last year, added that cash is expensive for an economy to print, distribute and secure, costing between 0.6 to 1.5% of the country's GDP.