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MasterCard's Cairns spoke about the payment card company's support for the Apple Pay payment platform, as an example of a financial services company joining forces with a technology giant.
"People use (Apple Pay) to spend every day in the London Underground.You just have to press your phone to create a virtuous circle in which people buy coffee and that the whole world starts to move contactless, "she told CNBC.
"Everyone is trying to provide a great user experience by teaming up, badociating and really sharing each other's technology to create the best possible result," she added. "And in reality, it's about creating something transparent and easy that people can trust."
A host of new banking competitors operating solely with a mobile application and a payment card have gained momentum in Europe and Latin America. In Europe, companies like Revolut, N26 and Monzo have attracted millions of customers, while Nubank in Brazil has 5 million customers using credit cards using its platform.
Banks often say that trust gives them an edge over their competitors in the financial technology sector. According to many financial giants, consumers are more likely to turn to a bank with more than a century of history behind it as a younger technology player.
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