Ajaypal Singh Banga is the current president and chief executive officer of MasterCard. He was born in 1960 in Pune, India. Banga went on to graduate with a Bachelor of Arts degree in Economics from St. Stephen's College, Delhi University and MBA from the Indian Institute of Management, Ahmedabad. MasterCard announced on April 12, 2010 that Ajay Banga, previously MasterCard’s president and chief operating officer, had been named by the Board of Directors to serve as the company’s president and chief executive officer, effective July 1, 2010. The company also announced that Banga would become a member of MasterCard’s Board of Directors, effective immediately. Banga, 50, succeeded Robert W. Selander, who had been MasterCard’s chief executive officer since March 1997. On Thursday, February 5, 2015, President Barack Obama appointed Banga to serve as a Member of the President's Advisory Committee for Trade Policy and Negotiations.

Beginning his business career with Nestlé in 1981, Banga spent the next 13 years working in simple jobs spanning sales, marketing, and general management. He later joinedPepsiCo and was involved in the launch of its international fast food franchises in India as the economy liberalized. Prior to joining MasterCard, Banga spent 13 years at Citigroup from 1996 as part of the bank’s senior management in the United States and Europe, Middle East, and Africa regions, before becoming the Chairman and Chief Executive Officer of Citi’s international global consumer group in 2005. He was also responsible for Citi’s brand and marketing work across the entire company. Most recently, he was Chief Executive Officer of Citi Asia Pacific, responsible for all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards. He was also a member of Citi’s senior leadership and executive committees. Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi’s strategy in the microfinance sector across the world. He was awarded Padma Shri, India's Fourth Highest Civilian Award in 2016.