US-based payment processor MasterCard has selected Andrew Key as head of acceptance and market development for the UK and Ireland business, to help strengthen the firm’s relationships with merchants, acquirers and processors as well as develop partnerships with industries for new innovative payment solutions.

Scheduled to join the firm in November 2012, Key will be based in London’s Canary Wharf and report to Marion King, who is the president of MasterCard UK and Ireland, as reported by the Finextra.

The payment processor has plans to provide modern payment technologies, thereby enabling businesses and individuals to carry out transaction online or through connected devices including a tablet or a smartphone.

Prior to accepting the new role at MasterCard, Key worked with Lloyds Banking Group, where he has been head of payments for the London 2012 Olympic and Paralympic Games since 2010.

Before Lloyds, he worked for three years at MasterCard, as the global sales lead for acquiring and processing for HSBC and after that as the UK account lead for the consumer, commercial and acquiring businesses of Barclays.

Commenting on his appointment, Key said, "I’m excited to be returning to MasterCard to work with the talented team in the UK and Ireland and looking forward to building on their achievements to deliver innovative solutions to new and existing customers."