Global payments technology company Mastercard plans to invest nearly $1 Bn in India over the next five years as it looks to double-up its research and development efforts for the Indian market.
The proposed investment will focus on developing new technologies and products. The US-based payments giant has already invested about $1 Bn in the Indian market in the last five years.
The investment will be made in the company’s India operations, including an R&D facility at Pune and another centre at Vadodara, both of which cater to the company’s global operations. Vadodara provided the backend multiple payments support.
The company will work with the Confederation of All India Traders (CAIT), acquirer banks and fintech companies to promote digital payments acceptance infrastructure and its presence in the country.
Mastercard said it would conduct outreach programmes across multiple cities to educate merchants about the benefits of accepting digital payments and to provide a platform for consumers to nominate merchants.
The company expects to double the contactless payment points to about 30 Lakh in the next two years. Working towards the same, the company has reportedly deployed contactless payment acceptance infrastructure in restaurants, coffee shops, cinema halls, petrol pumps and supermarkets.