The Silicon Review ^Asia

Mastercard, the America-based multinational financial services company, has recently made an announcement saying that it will be investing a huge sum of $ one billion, i.e. almost 7,000 crore in Indian currency over the next five years. The company added that it was expecting to increase the headcount to a double during the time period in India.

Back in the year 2013, Mastercard made a humble beginning in India with just 29 people, and now it is a team of 2000.Rajeev Kumar Senior VP of market development, South Asia said that this team is what represents 14 per cent of Mastercard’s global strength. The present investment won’t be the company’s first attempt to grow big on the Indian digital payments market.

Mastercard had made a similar investment of $ one billion in the last five years, and currently, it will look forward to work on increasing the infrastructure in the country. Rajeev also added that one-third of the investment will be used to stepping up the soil processing capabilities at Pune. This will be in compliance with the RBI guidelines as per which any data related to Indian transactions ought to remain on Indian soil.

Mastercard is already making headway on soil processing in its Pune facility since last year. This move marks the first time when Mastercard will be working outside of USA for an on soil processing, and for that, it will setup and on soil processing capability out of USA with end-to-end capability.