Mastercard India elevates Vikas Varma to COO

Payment technology major Mastercard India on Thursday said it has elevated Vikas Varma to the position of chief operating officer.

In his new role, Vikas will lead initiatives related to new partnerships and development of digital payments solutions in the country, a company statement said.

These initiatives will further accelerate Mastercard's ongoing focus on technology innovation, merchant acceptance, and consumer adoption of digital payments, it added.

Recently, Mastercard announced an investment of USD 1 billion (around Rs 7,100 crore) over the next five years in India. It had committed USD 1 billion investment between 2014-19.

"Vikas will play a critical role in channelizing this investment towards Mastercard's long-term strategy for the India market," the company said.

Given the importance of innovation for a digitally-empowered society, Mastercard has been actively involved in nurturing the fintech ecosystem in India through a variety of partnerships and the infusion of capital into early-stage startups, it added.