Payments solutions provider MasterCard is beefing up technology operations in India...
Payments solutions provider MasterCard is beefing up technology operations in India as it ramps up Pune centre and looks to cash in on the growing usage of debit and credit cards in the country.
The company, which already has a similar facility in Vadodara, Gujarat, plans to take the total headcount of its technology operations to 1,500 people by the end of this year.
MasterCard had acquired Vadodara-based C-SAM and Pune- based ECS last year, which helped it set up development and processing expertise in India.
“The two facilities represent our largest Tech Hub outside of the US. These centres play a key role in driving development of cutting-edge payment technologies aimed at enabling a cashless world,” MasterCard Operations and Technology President Rob Reeg told PTI.
He did not disclose the current headcount in India.
The new centre at Pune also demonstrates MasterCard’s support for the government’s emphasis on promoting financial inclusion through digital and mobile services, he added.
Though credit card penetration in the country is still low at about 19 million, usage of debit cards is growing.
Reeg said the card usage is set to grow further as more people are brought under banking services through the Jan Dhan Yojana.
“Last year, we spent USD 250 million across these technology hubs in India… By this year-end, we will have over 1,500 people across the two centres,” he said.
He added that the tech hubs provide MasterCard the opportunity to bring in talented technologists and creative new ideas to help shape the future of payments.
India currently represents about 10 per cent of MasterCard’s global workforce across various business units.
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.
“The Hub teams in India will be playing an important role in creating and supporting payments innovations that will be used around the world,” MasterCard Division President (South Asia) and Country Corporate Officer (India) Ari Sarker said.
MasterCard has tech hubs across the US, Ireland, Malaysia, Brazil, Australia and Singapore.