Technology, without any doubt, has undergone unfathomable advancement. The Banking segment forms the bloodline for economies. The role of credit and debit cards in this regard is paramount. While brands like Diners Club, Visa are popular, one cannot discard MasterCard. It is one of the biggest vendors of its segment. Ajaypal ‘Ajay’ Singh Banga leads MasterCard from the front.
Ajay Banga is an India-American business executive. Presently, he is the president and chief executing officer (CEO) of MasterCard. Earlier, he was the president and chief operating officer in the same organization.
Ajaypal Singh Banga Education
Banga, MasterCard CEO, was born in Khadki, Maharashtra and his father was an army officer. His family hails from Jalandhar in the Indian state of Punjab. He did his schooling from various parts of India—Secunderabad, Jalandhar, Delhi, and Hyderabad. He was nothing short of genius in education.
After finishing his schooling, he went on to pursue graduation from the prestigious St. Stephen’s College, Delhi University. And if this is not enough for excellence, he later pursued his MBA from the best B-School in the country—Indian Institute of Management, Ahmedabad.
Ajaypal Singh Banga Net Worth
The estimated net worth of Ajay Banga is at least $215 Million dollars as of 18 May 2020. Mr. Banga owns over 81,533 units of Mastercard stock worth over $121,357,987 and over the last 11 years he sold MA stock worth over $69,986,261. In addition, he makes $23,250,000 as CEO of Mastercard.
Ajaypal Singh Banga serves as Chief Executive Officer of the Company. Executive positions at Citigroup (1996-2009), including CEO, Asia Pacific region; Chairman and CEO, International Global Consumer Group; Executive Vice President, Global Consumer Group; President, Retail Banking, North America; and business head for CitiFinancial and the U.S. Consumer Assets Division Previous experience at Nestlé India and PepsiCo totaling 15 years, in roles of increasing responsibility
Ajaypal Banga biography
Ajay started his career with Nestle India as a management trainee in 1981. In the next 13 years of his stay at Nestle, he leads a variety of assignments spanning sales, marketing, and general management. After his tenure at Nestle, he joined PepsiCo’s Restaurants Division and was instrumental in the launch of Pizza Hut and KFC in India.
He joined Citigroup in 1996 as the head of marketing in India for its consumer business and served in multiple positions of increasing responsibility. The most iconic of them were the chairman and chief executing officer of International Global Consumer Group, president of Retail Banking North America, and the business head for CitiFinancial and the U.S. Consumer Assets Division. He was the division executive for the bank in Central/Eastern Europe, Middle East, Africa, and India too.
Working With MasterCard
During his tenure with Citibank, he moved to Hong Kong in 2008 to oversee the bank’s business in Asia —credit cards and consumer banking, wealth management, and alternative investments. In 2009, he returned to the United States to join MasterCard. After joining MasterCard, his task was clear—compete against a giant named ‘Visa’.
While working with MasterCard, he worked with one of his best clients and identified a way to attract the youth. He redesigned the debit card product with its package of features, connecting to music, and the creation of a whole new marketing approach with the Commonwealth Bank of Australia. This proved to be the masterstroke.
An area of development MasterCard chose to transform was e-commerce and transit fares. MasterCard also targeted the group which included young, trendy, and innovative people developing new ideas. The company also built for multiple banks and merchants new, innovative ways to pay for goods and services; one being the ability to scan bar codes from phones and converting the code into a purchase.
Also Read: Best Fintech Startups in India
Ajay Banga is a member of the Council on Foreign Relations and the Economic Club of New York. He is a member of the Foreign Policy Association and the Financial Services Roundtable. He chaired the Information and Technology Initiative.
Ajay Banga is on the boards of trustees of Enterprise Communtiy Partners, Inc., the National Urban League, and the New York Hall of Science. Mr. Banga was the director of the Council of Economic education too. He has a keen interest in social development issues and was named the 4th “Most Powerful Indian” in the world. Ajaypal Singh Banga's estimated net worth is $8 million.
Since Ajay Banga has achieved almost everything a budding entrepreneur dreams of, his story has several takeaways. He describes himself as a passionate man who makes time to work on his endeavors.
Although he leads a company that is synonymous with plastic, he always encourages his staff to use cash and keeps the workplace less intense.
According to the man, the highest form of leadership is being well and performing well. The principle of being and doing good holds true for anyone and every organization. This is a powerful principle in business and the private sector. Banga says both the private and public sectors play a big role in bringing more people into the financial mainstream. This in turn consolidates the economy.
A Natural Leader
Ajaypal Singh Banga is endearing to many in the startup circuit. His ideas and strategies have been instrumental in the development of many Indian food chain industries. His tenure with multiple companies has enabled rapid growth for those organizations. In 50 years, he helped the economy sail through tough times. Ajay, the top gun at MasterCard is seen as a representative for India on the global platform, a visionary who motivates millions across the globe to emulate successful leadership.