Based in Johannesburg, Elliott will oversee the performance, strategic direction and brand development of MasterCard in South Africa. He will also ensure that MasterCard continues to deliver innovative and secure electronic payment solutions to South African cardholders and customers to achieve its vision of a world beyond cash.
"Although there has been a steady increase in the use and acceptance of electronic payments in South Africa, cash is still king. According to a 2013 MasterCard study, only six percent of consumer transactions that were made in South Africa used non-cash methods," says Mark Elliott, Division President, MasterCard, South Africa.
"I look forward to working with financial institutions, government, merchants and telcos to increase the adoption of safe and convenient electronic payment solutions and displace cash, which can cost the country between 0.5% - 1.5% of GDP each year," he says.
In 2011, Elliott joined MasterCard in Dubai where he held the role of Global Products and Solutions Lead and Debit Lead for MasterCard in the Middle East and Africa (MEA) region. In this role, Elliott successfully developed and implemented the company's Debit, Credit, Prepaid and Commercial card solutions, driving the growth and evolution of its business across MEA.
"We are thrilled to welcome Mark to our South African business as we follow through with our commitment to invest expertise, resources and know-how in the local market," says Michael Miebach, President, Middle East and Africa, MasterCard. "Mark's appointment will build on the existing momentum that MasterCard has created in our MEA region's second largest market."
Prior to joining MasterCard, Elliott spent eight years at Barclays. During his time there, he was Head of Sales and Distribution and then Head of Retail for Barclays United Arab Emirates. He also spent two years in South Africa as Director of Business Development for Absa Card. Elliott is a qualified Chartered Accountant and a successful investment banker having held positions at ING Barings, PricewaterhouseCoopers, Dresdner Kleinwort Benson and Arthur Andersen.
"Mark's local knowledge and international experience are substantial assets for our business in South Africa. Leading a dynamic team, Mark will undoubtedly bring a fresh perspective to the South African payments industry at the helm of our local operation," says Miebach.
Elliott holds a BA (Hons) in Combined Studies from the University of Newcastle-upon-Tyne and is a Member of the Institute of Chartered Accountants for England and Wales. He is a British national who grew up in Hong Kong and India.