You are here: Home » PTI Stories » National » News
Business Standard

Mastercard lab to help India on inclusive digital economy goal

Press Trust of India  |  New Delhi 

Global payments solution major Mastercard today said it has launched its first technology lab in the country that will help move towards economy and financial inclusion.

Mastercard Labs in reinforces the commitment of the company to help move towards its journey, it said, adding it will bring new commerce, payment and technology "ideas to life with greater speed than ever before".


This lab will be Mastercard's ninth such establishment in the world and the second in Pacific after

Mastercard will engage with financial institutions, merchant partners and fintech companies to identify and experiment in payments, data solutions, financial inclusion, alternative payments as well as cyber security.

The lab will also support and work with startups developing next generation, breakthrough commerce solutions through Mastercard's Start Path programme.

"Learning, innovation, and collaboration cannot exist in isolation. The launch of the first Mastercard Labs in is evidence of our commitment to designing solutions that drive commerce and create more inclusive societies around the world, said Ken Moore, Executive Vice President, Mastercard Labs.

This will help improve lives of common Indian and help them move towards a world beyond cash, Moore added.

The lab with incubation, proof of concept, pilot and commercialisation facilities will help deliver additional value to consumers and businesses of India, the company said.

"By establishing the new lab in Pune, we are looking to deepen our active collaborations with governments, issuers and businesses in and revolutionise the market's payments ecosystem to drive greater acceptance and adoption of electronic payments, not just in but around the world," said Tobias Puehse, Vice President, Mastercard Labs, Pacific.

The launch of the technology lab in is part of Mastercard's several broad based collaborations in and Pacific.

Earlier this year, Mastercard co-innovated with National Payments Corporation of (NPCI) and other payments brands to develop Bharat QR.

The QR (quick response) code is the world's first interoperable data acceptance solution that streamlines local electronic payments infrastructure.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 20:22 IST
RECOMMENDED FOR YOU