According to the latest report, the global digital payment network MasterCard is planning to bet big in India. The company revealed to invest USD 1 billion over the next five years on the development of financial technology (Fintech) in the country.
The report stated that MasterCard invested approx. USD 1 billion in India between the years 2014-2019 to develop competencies, focus on acquisition, collaboration and increase the workforce.
The next tranche of investment of USD 1 billion will go towards establishing a domestic transaction processing centre at Pune and other Fintech startups in India.
The Indian tech firm ToneTag, last year received a major investment from MasterCard’s India Investment Fund, which is looking for opportunities to invest in Indian financial technology startups. Recently it invested in Syntizen also, a B2B digital entity-centric product startup.
Ari Sarker, co-president of MasterCard Asia Pacific stated that as India has a progressive payment ecosystem and they are looking forward to the substantial investment plans for the Indian market.
This investment ought to build a lasting and focused strategy in the market for them in the market. This would also enable them to look out for other avenues to expand their local partnerships and collaboration, and at the same time working on the vision of the government of shifting towards a cashless society.
MasterCard has opened offices in Gurgaon and Bangalore, a lab and an operational hub in Pune and a tech centre Vadodara. Indian Fintech has been called insanely addictive by foreign investors