Global payments technology company Mastercard plans to invest nearly $1 Bn in India over the next five years as it looks to double-up its research and development efforts for the Indian market.
The proposed investment will focus on developing new technologies and products. The US-based payments giant has already invested about $1 Bn in the Indian market in the last five years.
“Mastercard, as a technology-driven global entity, was keen to evolve by offering more customer-centric and value-added services using the digital platform,” Mastercard vice president (customer delivery) Amitabh Khanna told Business Standard on Friday (January 17).
The investment will be made in the company’s India operations, including an R&D facility at Pune and another centre at Vadodara, both of which cater to the company’s global operations. Vadodara provided the backend multiple payments support.
Mastercard’s India Focus
Mastercard has been focusing on scaling up India business through various capabilities. The payments giant launched Team Cashless India in October 2019. The initiative is aimed at accelerating the acceptance and adoption of digital payments among merchants in the country.
The company will work with the Confederation of All India Traders (CAIT), acquirer banks and fintech companies to promote digital payments acceptance infrastructure and its presence in the country.
Mastercard said it would conduct outreach programmes across multiple cities to educate merchants about the benefits of accepting digital payments and to provide a platform for consumers to nominate merchants.
The company expects to double the contactless payment points to about 30 Lakh in the next two years. Working towards the same, the company has reportedly deployed contactless payment acceptance infrastructure in restaurants, coffee shops, cinema halls, petrol pumps and supermarkets.
Mastercard also works with fintech startups in India under its flagship ‘Start Path’ programme. The accelerator programme recently brought on board Delhi NCR-based B2B payments startup BharatPe among seven fintech startups from across the world in its latest edition.
The other selected startups include Cyberwrite, Eureka AI, Hydrogen, Kasha, Mmuze, and Ziosk. The startups will be offered operational support and business opportunities within the Mastercard ecosystem through its personalised accelerator programme.
The Mastercard Start Path was founded in 2014 and works with growth-stage tech startups. It offers a six-month virtual programme, with opportunities to scale and secure strategic investments. It has to date selected more than 200 startups.