MasterCard buys 12.5% in ECS of Pune

The world's second-biggest electronic payment network MasterCard today picked up 12.5 per cent stake in the Pune-based electronic payment services provider ElectraCard Services (ECS).

"This investment will extend our processing footprint and create more value for our customers in the Asia-Pacific region, the Middle East and Africa," MasterCard Worldwide President and Chief Executive Ajay Banga told reporters here today.

The investment on the heels of MasterCard striking a deal to buy the England-based payment services provider DataCash Group Plc for Rs 52 crore.

Banga further said MasterCard is open to acquire more stake in the Pune company, which is the largest player in the country when it comes to processing services and providing software for credit and debit cards payments, but not interested in controlling the company as he is happy with the way ECS is being run now.

 

However, Banga refused to say when he would doing it or was ready to disclose the financial details of today's purchase.