Key will join at the end of November and report to Marion King, President of MasterCard UK and Ireland, based in London's Canary Wharf.

Key will focus on growing the acceptance of electronic payments in the UK and Ireland, to enable consumers to shop safely in-store, online or via a connected device, such as a tablet or a smartphone. He will continue to strengthen MasterCard's relationships with merchants, acquirers and processors, whilst developing partnerships across a number of industries to provide new innovative payment solutions.

King commented on the appointment: "I'm delighted to welcome Andrew back to MasterCard at a pivotal time for the UK and Ireland payments market. He understands the needs of our customers and our vision for a future where people will be able to use smart technology to make secure payments no matter where, no matter when and through multiple channels.

Key joins MasterCard from Lloyds Banking Group, where he has been head of payments for the London 2012 Olympic and Paralympic Games since 2010. He previously spent three years at MasterCard, working as the global sales lead for acquiring and processing for HSBC and then as the UK account lead for the consumer, commercial and acquiring businesses of Barclays. Prior to that, Key spent 11 years in a range of leadership positions at Barclaycard, including head of operations and head of product management at Barclaycard Business. Key holds a BSc (Hons) in Management Sciences from Loughborough University.

Key said: "The payments industry is transforming rapidly to capitalise on the opportunities presented by evolving technology and new sectors looking to accept payments. I'm excited to be returning to MasterCard to work with the talented team in the UK and Ireland and looking forward to building on their achievements to deliver innovative solutions to new and existing customers."