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20/07/2010 -
MasterCard Worldwide has found someone to increase the number of debit transactions credit card machines process worldwide.The credit card company has announced that Carlos Menendez will join the company as group executive of global debit, beginning September 1. He will be responsible for developing commercialization and market strategies to expand MasterCard debit products worldwide.
Tim Murphy, the company's chief product officer, said that Menendez's banking experience in regions such as Europe, the Middle East and the Americas will help "enhance our global perspective and lead MasterCard's future debit growth" as cash transactions continue to decrease.
Previously, Menendez spent 14 years at Citigroup, where he held numerous positions. Most recently, he was the chief operating officer for Western Europe.
A recent study by the UK Payments Council estimated that in five years, the use of cash in transactions will fall below 50 percent. Currently, six in ten transaction involve cash, yet nearly 80 percent of these are for purchases less than £10.
