A US-based payment processing solutions and product giant, the master card has now revealed its commitment to invest around $1 Billion over the coming five years in India.
Apart from that, the company also earlier revealed the investment of $1 Billion between the year 2014-2019 in India, the additional investment tranche of $1 Billion will also go towards establishing a full-on soil domestic transactions processing center in and for Indian at Pune and investing in some of the financial Technology startups in India.
MasterCard which had also invested in ToneTag last year is constantly evaluating opportunities to invest in the financial technology startups with its India Investment Fund, one of whose investment in some of the recent months was in Syntizen, a B2B digital entity-centric product startup.
Commenting on the strategic investment and the longer-term business strategy, Ari Sarker, co-president, Asia Pacific, Mastercard said, “India is a unique country with a progressive payments ecosystem. We are excited with our incremental and significant investment plans for this market, which we believe will be compelling differentiators for us. This investment builds on what is an enduring and focused strategy for us in this market, and will also enable us to explore avenues to expand our local collaborations and partnerships while deepening our commitment to the government’s vision of moving towards a cashless society.”
MasterCard has also opened its new offices in Gurgaon and Bangalore, opened as a Master card Lab and Operations Hub in Pune in the year 2017 and a technology center in Vadodara. The company workforce in India has grown to 2000 currently from mere 29 in the year 2013.