MasterCard has launched a global research and development arm, headed by former Orbiscom chief Garry Lyons, as it bids to bring new payments technology to the market faster.
Through MasterCard Labs, Lyons will lead a team of R&D technology engineers to "drive innovations through conceptualisation, proof of concept, pilot, and support commercialisation".
Lyons acted as CEO of Dublin-based card security company Orbiscom before it was acquired by MasterCard in 2008. Its technology is the basis of MasterCard's inControl system, which gives customers the ability to set spending controls and receive real-time alerts about their accounts.
MasterCard's new CEO Ajay Banga says inControl and other technological innovations such as PayPass, MoneySend and the new Marketplace online mall, have established the firm as a major player in the "payments landscape".
The new lab will be responsible for continuing and accelerating this trend as MasterCard faces increasing competition from Internet and mobile-age competitors such as PayPal.
"As the world continues to migrate toward a cashless society, we will be focused on delivering what's next, faster and more efficient than ever before," says Banga.