The 18 countries in the region make up a quarter of the total European market and are some of the fastest growing markets in Europe. Dr Alexander Labak, president of MasterCard Europe said "Eastern Europe has some of the most dynamic economies in the region and we want to provide payment systems that will enable businesses to grow even more rapidly."

At present there are four million MasterCard credit cards and 32 million Maestro cards held throughout Central and Eastern Europe and the Balkans. The new region will be headed by newly promoted Bella Stavchansky, a 12-year MasterCard veteran, who will spearhead the new go-to-market strategy. Ms Stavchansky has held senior commercial roles throughout Europe and was largely responsible for integrating the recent integration of Europay into MasterCard International.

"Bella is ideally qualified to lead the new region. She has successfully grown business across a number of MasterCard regions and played a major role in making MasterCard’s customer support network the best in Europe," said Labak. "Her addition into the regional management team and our new focus can only help to drive up business for our members."

The battle with cash will be a major part of the group’s strategy in the region. "Our aim is to get more people to use their MasterCard or Maestro cards for everyday purchases," said Labak. "MasterCard’s payment system is so effective that it adds value to businesses that would normally only deal in cash. Customers can pay for everyday goods quickly and efficiently with their card whilst the merchant gets prompt payment and better financial control."

According to Bella Stavchansky, "MasterCard is the only payment card company that can provide the scale of infrastructure and efficient systems to enable small businesses in Central and Eastern Europe as well as major corporations, to process payments no matter how small."