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MasterCard launches India innovation centre

2nd innovation center in Asia will focus primarily on Indian requirements

Romita Majumdar  |  Mumbai 

MasterCard credit cards are seen in this illustrative photograph. Photo: Reuters
MasterCard credit cards. Photo: Reuters

today announced the launch of its innovation centre to focus on solving "India-specific" problems in the areas of technology and financial enablement. This would be their second innovation centre, after Singapore, in Asia and ninth globally.

"Labs are the future-proofing arm of to generate sustainable innovation. The labs are like a sandbox within the organisation to try out new technology that is consumer-oriented and can be built and deployed to market. We are not looking at this (India) as a market but rather at driving enablement here," said Tobias Puehse, Vice President, Labs, Asia Pacific. has recently signed an MoU with the Andhra Pradesh Government towards strategic collaboration to enable safe and secure digital solutions adoption at the state level.

In India, Labs will work with financial institutions and merchant partners from the community to identify and experiment with future technologies in areas including digital payments, data solutions, financial inclusion, alternative payments, safety and security. The Lab will also support and work with developing next generation, breakthrough commerce solutions through Mastercard's Start Path program.

"India is a unique market with immense scale. There is a huge opportunity to move more people into a cashless economy here," added Puehse. has already announced over $750 million worth of investment in India over the next five years. They are working with like Razorpay, and among others in and data analytics sectors.

expects the Labs will be a key innovation engine for the country and foster collaboration and co-creation with academia, experts, technologists and developers based in India. The labs will be an extension of their existing facility in Pune. The company did not give specific hiring details for this new venture although globally 15 per cent of their employee base comes from India.

This year, co-innovated with the National Payments Corporation of India (NPCI) and other payments brands like Visa and Amreican Expresss to develop Bharat QR, the world's first interoperable Quick Response (QR) code acceptance solution, as part of a national push to streamline local electronic payments infrastructure.

 

First Published: Tue, October 10 2017. 19:56 IST
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