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MasterCard leading the way to digital transition in payments, says Mung Ki Woo, EVP, MasterCard

Mung Ki Woo is an Executive Vice President for MasterCard. He is a seasoned international executive with experience in international program management and IT consulting. He also has extensive experience in digital commerce (mobile, e-commerce, smartcards) with experience both as a telco and a financial institution, and in all market types (emerging as well as developed countries).

In an exclusive interview with Let’s Talk Payments and The Money Event Team, he talked about his take on the latest developments in electronic payments, mobility, technological prospects, financial services and market challenges.

1. What are the issues in Online, P2P and merchant payments that we need to solve as an industry?

  • For online transactions, we want to improve 2 areas.

o (1) The Consumer Experience: our traditional consumer experience requires the manual entry of the 16-digit card number + numerous other pieces of information – this does not always work well on connected devices that have small screens and/or no full-fledged keyboards.

o (2) The robustness of transactions (use of dynamic data, ...

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