MasterCard has opened a new technology hub in India, a key part of the company’s strategy to drive the development of cutting-edge payment technologies aimed at enabling a cashless world.
The facility in Pune, together with its Vadodara counterpart, represents the company’s largest Tech Hub outside of the US.
The opening of the India Tech Hub also demonstrates MasterCard’s support for the India government’s focus on growing technology opportunities through initiatives such as “Digital India” and its emphasis on promoting financial inclusion through digital and mobile services.
“India is renowned for its technology leadership, focus on innovation and entrepreneurial spirit,” said Rob Reeg, President, MasterCard Operations and Technology. “The Tech Hub gives MasterCard the opportunity to bring in talented technologists and a wealth of creative new ideas that will help shape the future of payments.”
India currently represents approximately ten percent of MasterCard’s global workforce, across various business units. The new Tech Hub allows for increased collaboration between engineers and developers based in India and MasterCard’s global innovation teams.
Teams in India will be developing solutions that enhance online transactions and the payments value chain, as well as innovations around mobile and contactless payments services. With the rich pool of skilled talent available in India, the company intends to significantly increase the number of technologists in the near future.
Building on a foundation of innovating in India
MasterCard has been a key contributor to building the payments ecosystem in India from its inception, and has worked closely with local partners to ensure customized solutions for the country. The 2014 acquisitions of Vadodara-based C-SAM and Pune-based ECS brought MasterCard development and processing expertise in India. Several innovations developed in India are already being integrated into MasterCard solutions.
“MasterCard approaches innovation with the customer in mind, creating solutions that address not only business opportunities but the needs of emerging markets,” said Ari Sarker, MasterCard Division President, South Asia and Country Corporate Officer for India. “The Tech Hub teams in India will be playing an important role in creating and supporting payments innovations that will be used around the world.”
As a leader in the global payments industry, MasterCard is using innovations in payments such as prepaid and mobile to break down barriers to access and make everyday commerce activities easier, more secure and more efficient. Since entering the Indian market more than 30 years ago, the company has become a key contributor to building the Indian payments ecosystem. Also, MasterCard has partnered with the government on multiple fronts, from creating electronic payments ecosystems to constructing specific payment programs for government payments to citizens as well as employees.