Mastercard said it would invest an additional $1 billion in India, with a third going to a payment processing node, That goes beyond the company’s commitment to the Indian central bank to store data in India,The Times of India reported.
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The co-president of MasterCard (Asia Pacific) told the Times of India that the company had made fundamental changes in the Indian market over the past five years, From a 30-person sales agency to a company of more than 2000 people, accounting for 14% of its global workforce, the company has technology centers in Baroda, Pune and Gurgaon in India, and its technology center will add 300 million to 350 million dollars in investment.
India’s central bank has made it very clear that companies are localizing data to keep data in India, but the company has also placed its data processing capabilities in India, based on business competition considerations.
For MasterCard, India has not only a lot of cards or swipe machines they issue, but a market where its financial infrastructure capabilities can be deployed, which is where India’s central bank seeks to open up to stimulating competition to reduce the risk of a “single point of failure.”
Source: times of India