MasterCard 13 October 2017 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.
In India, Mastercard Labs will work with financial institutions and merchant partners from the Fintech 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 startups developing next generation, breakthrough commerce solutions through Mastercard’s Start Path program.
Mastercard expects the Labs will be a key innovation engine for the country and foster collaboration and co-creation with academia, fintech 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.
Mastercard 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.