MasterCard Labs Promises Credit Card Innovations

MasterCard officials affirmed their commitment to payment innovation this month with the launch of MasterCard Labs. Headed by former Orbiscom CEO Garry Lyons, MasterCard Labs will develop new payment technology for consumers and for credit card issuers. Bringing research and development in-house can help MasterCard compete more effectively with other payment platform providers, including Visa, Discover, and American Express.

In video announcements posted to MasterCard's official YouTube channel, company leaders expressed their desire to keep up with the dramatic pace of change within the cashless payment processing industry. "Supporting breakthrough innovation efforts is at the heart of differentiating MasterCard from our competitors, and key to sustaining our competitive advantage in the marketplace," says Ajay Banga, MasterCard president and chief operating officer.

Before MasterCard's acquisition of Orbiscom in 2008, Lyons and his team developed new technology to allow cardholders greater control over credit and debit card expenses. Now known as inControl, the system has grown popular among MasterCard corporate account managers, eager to restrict company credit card usage. As head of MasterCard Labs, Lyons is expected to build on the popularity of inControl, payPass, MoneySend, and other new payment technologies.