Over the next five years, global payments giant Mastercard plans to invest $1 billion ( approx. Rs 7,000 crore) in India.
Mastercard has a proper plan to invest this amount too. It will invest around $350 million on a local payments processing centre, in line with RBI’s mandate of storing payments data locally. The centre is expected to be operational in another 18 months’ time frame. It is also expected to generate employment for 1,000 people.
With this centre, Mastercard will open its first such processing centre outside the US.
The location of the centre is most likely to be Pune, Maharashtra.
It is expected to handle multiple tasks such as circuit switching for ATMs, Point of Sale, e-commerce transactions, fraud mitigation, tokenisation and authentication, according to the company.
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Mastercard is expected to invest the remaining amount in expanding its team that services its overseas operations. It plans to grow it locally. Sources say that the company is planning to invest in technology and people in their existing centres in Gurugram, Vadodara and Pune.
Mastercard has pumped in around Rs 6,500 crore in the past five years, growing its team from 30 to 2,000 in India. After the US, India is Mastercard’s second-largest location in terms of its workforce.