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Thoughts On Innovation – Sohil Tiwari


Sohil Tiwari
Senior Vice President, Market Development at Mastercard

A dynamic leader with a strong financial and business acumen with global experience, strategic vision and vibrant executive presence. With over 10 years of progressive experience across financial areas including controllership, accounting, reporting, auditing, financial planning and business analysis in Fortune 100 company.

What is your definition of “innovation”?

Innovation is about giving consumers choice – by making the technology in their lives simple, secure and ubiquitous. For Mastercard, that means making payments frictionless because people don’t wake up in the morning thinking about how they’re going to pay. They simply want to go about their lives, and our role is to ensure they can make fast, simple and secure payments, regardless of the device. We’re constantly focused on providing the best digital experience, ensuring every transaction is secure and giving consumers control.

Why is it important for companies to innovate and invest in modern technologies?

Consumers today want a personalized, seamless experience, the ability to shop from anywhere and on any device, and to be protected from fraud. Experience and security must go hand in hand. Similarly, businesses also need to be protected from fraud so that they can do what they do best – deliver a great product or service. Advancements in electronic payments and authentication technologies, which use bio metrics and tokens, allow businesses to process payments efficiently and securely, eliminating the need to count and store cash, and allowing them to focus on customer experience.

What advice can you give to Canadian businesses looking to make the most out of their investments in innovation?

In a world where the physical and digital are converging, a consistent and secure experience is crucial as it drives the trust to build loyal customers and users. Payments play a big role in getting that experience right. It’s important to offer choice to your customers as they will gravitate towards the payment method they prefer; however, the benefits are two-way: for instance, with contact less or “tap and go” technology, customers can move through the checkout line quickly, and businesses can spend more time serving customers and less time handling cash.

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