MasterCard Sees Growth in Electronic Payments

The Group Executive of MasterCard Incorporated’s Global Products & Solutions for Asia Pacific, Middle East and Africa, Mr. T. V. Seshadri, has said that electronic payments in Nigeria, South Africa and a few other emerging markets will grow in many folds over the next few years.

Mr. Seshadri predicted that Bangladesh might increase 20-fold over the next five years as mobile-phone transactions increase and the government pulls citizens into the formal financial system.

Bangladesh’s annual value of electronic payments may jump to $10 billion from $500 million, according to Mr. Seshadri, who spoke in an interview on Bloomberg Television in Singapore recently.