On the back of demonetisation and a move towards digital transactions, Mastercard said it will have invested about Rs 6,500 crore between 2014 and 2019 in India.
The financial services company is committed to local investment model, charging minimally on debit card transaction and ATM withdrawals, helping to convert cash to digital transactions.
“About 80-85 percent of the fees in debit card transactions go to financial institutions and other processors located in India for their services and will stay entirely within the Indian economy. Only 15-20 percent will come to Mastercard as compensation for our network services. It is just between 12 and 15 paise in an INR 100 transaction,” Porush Singh, country corporate officer, India and division president, South Asia, Mastercard said.
Since 2013, the company has also increased its workforce from 29 employees to almost 2,000. It represents 14 percent of the global workforce of Mastercard, and the largest outside the United States.
The local investments for the financial service company includes two acquisitions in the form of offices in Bengaluru and Gurugram; and a Mastercard Innovation Lab and operations in Pune.
The latest addition is a technology centre in Vadodara, housing engineers and data scientists focused on supporting the development of tools and software for mobile technology and cyber security.
First Published: Jul 26, 2018 6:48 PM IST
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