Nationalism’s Rise Spurs Mastercard to Study Impact on Business

(Bloomberg) -- The rise of nationalism around the world has Mastercard rethinking its strategies.

Kevin Stanton will take on a new role as Mastercard Inc.’s chief transformation officer, leading a team that will review how nationalism and localism could affect the company’s business models.

Countries around the world have pushed back against the globalism of the past several decades, with voters in the U.K. opting to exit the European Union and their American counterparts electing Donald Trump president. Mastercard’s network connects consumers, banks and merchants in more than 200 countries, and the firm has faced increased competition from local alternatives in recent years as governments seek to control their own payments systems.

“As we enter a new decade, we’ll look to Kevin to tap into the spirit and drive that have made him successful to help us navigate the future,” Chief Executive Officer Ajay Banga said in a statement Monday.

Raj Seshadri will become president of Mastercard’s data and services organization, succeeding Stanton, while Linda Kirkpatrick will replace Seshadri as head of U.S. issuers, and Kush Saxena will succeed Kirkpatrick as executive vice president of U.S. merchants and acceptance.

©2020 Bloomberg L.P.

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