As credit card has become an indispensable part of urban life, Vadyo Munaan expresses his delight to see more innovative and secure credit card products.
Indeed, a credit card has more to offer than just plastic money. It has become a supportive tool in today’s life of comfort, from great discounts offered by restaurants to automated billing program that enables cardholders to avoid standing in long lines to pay utility bills.
“And when you need emergency cash, a credit card’s cash advance service enables you to withdraw money at any major ATM across the globe. Particularly for those who like travelling, having a credit card is very helpful. You don’t have to carry much cash to a place where you are a stranger,” Vadyo Munaan, the vice president & senior country manager of MasterCard® Worldwide for Indonesia, says.
He remarks that there are more Indonesians travelling abroad. The increasing level of travelers from Indonesia is the highest in Asia Pacific. So, there are more credit card transactions outside Indonesia. There have also been an increasing number of wealthy individuals in Indonesia. “And such condition has urged MasterCard® to provide more innovative and secure products,” he adds.
Vadyo says that MasterCard® is now giving choices to customers in premium segment with the presence of Platinum and World products. “World product is the answer of high end individuals who need higher credit limit and more benefits compared to those of the platinum product.”
With technology playing a crucial role in banking industry, online transaction demands credit card as the primary form of payment. And Vadyo ensures that people should not be afraid to conduct online transactions using MasterCard®. “Now, our system separates financial data from purchase order. They used to be recorded in one data entry. Not anymore. Take an example of a customer who orders a watch on the Internet using MasterCard®. In the past, the particular shop could have the access of all the credit card information. We now separate the information. The credit card number goes directly to the bank issuing MasterCard® before passing on the information to the principal. The store does not have the access to any credit card information, strictly only the purchase order of a watch. So, credit card online transactions are much safer now with MasterCard®.”
As the principal, MasterCard® does not directly market its products. All the products are marketed by our distributors, which are banks. “It is important, therefore, that the products we have created are the ones demanded by the market,” Vadyo adds.
He further says that banks issuing MasterCard® can launch their own promotion programs such as a visit to Universal Studio and Go Green event in Bali.
Vadyo joined MasterCard® Worldwide in September 2000. Prior to joining the company, he took various management positions at several multinational companies including Citibank and Cigna.
In his current position, Vadyo is responsible for overseeing operations of MasterCard® Worldwide in Indonesia. He also spearheads the relationship with member banks and financial institutions representing the MasterCard® family of brands throughout archipelago.
Vadyo holds a bachelor’s degree in engineering from the Catholic University of Parahyangan, Bandung and an MBA from Maastricht School of Management, the Netherlands. His education background has without doubt played a big role in his entire career, but his leadership savvy in expanding MasterCard®’s portfolios in Indonesia is what keeps him stay ahead in the banking industry.
“Transparency is the key to my leadership. This includes listening to your subordinates and giving them necessary feedbacks. There are only eight of us in the office. So, it is important to build a solid family within the team,” he says.
Vadyo is married to Indah Jelita, and both are blessed with two children – the 14-year-old Jovando Rizky Pradana and the 11-year-old Mohammad Gerry Rinaldy.
“My older son has autism. And this is what makes us become a solid family,” Vadyo avers as he is aware that many parents of autistic children are not candid about their children condition.
“But we are very open about sharing the issue with others. My wife and I believe that children with learning difficulties like autism are blessed with gifts not normally possessed by other children. Despite the fact that autistic children have cognitive problems such as in reading, writing and math, many of these children have an above average Intelligence Quotient (IQ) in verbal ability,” he asserts.
As a father, Vadyo believes in the value of the family. His weekends include spending precious time with his children eating out. “Indonesian food is our favorite, especially food with soup like Soto Betawi, Sop Buntu and more.”
Vadyo is also keen on riding Harley Davidson, and a member of Banker Biker Club. It’s a group of bankers who share the same passion for big bikes. “There are 50 members and we often take a ride exploring the town on Sundays,” he says.
His activities at leisure mean recharging battery before going back to work. Asked what his long term goal in terms of his career with MasterCard®, Vadyo responses ambitiously, “As technology and e-commerce have become our strengths, I’m looking forward to seeing MasterCard® become the most innovative global payments organization that ensures the most secure transaction at your convenience regardless of your present whereabouts.”
By Aulia R Sungkar. Published in HighEnd Magazine, October 2010.