Mastercard Hires former Obama Trade Rep to Promote Card Use
16 April 2018 - 11:29PM
Dow Jones News
By AnnaMaria Andriotis
Mastercard Inc. has hired Michael Froman, a former Obama and
Clinton administration official, as vice chairman and president of
strategic growth.
Mr. Froman will be in charge of teams promoting card usage and
financial inclusion in markets abroad and in the U.S. through
partnerships with governments and other entities.
The hire is part of the latest efforts at Mastercard, the second
largest card network in the U.S., to partner with governments to
boost card payments. The company in recent years teamed up with
subway systems in Chicago and London to work on replacing subway
cards with a payments system that allows consumers to use
contactless-enabled debit and credit cards to enter the subway
system. Mastercard says it is in the early stages of working on
this conversion with the New York City subway.
Mastercard teamed up with the South African government several
years ago to change how certain social benefits are paid to
residents. The benefits are now being distributed with prepaid
cards in lieu of cash, the company says.
Mr. Froman will report to Mastercard chief Ajay Banga. The two
worked together at Citigroup Inc. in the early 2000s. Mr. Froman
was U.S. trade representative during the Obama administration and a
Treasury official during Clinton's presidency.
Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com
(END) Dow Jones Newswires
April 16, 2018 09:14 ET (13:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
MasterCard (NYSE:MA)
Historical Stock Chart
From Mar 2024 to Apr 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From Apr 2023 to Apr 2024
