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Mastercard CEO plans to increase investment in India

By Kate Fitzgerald October 06, 2017, 2:16 p.m. EDT 1 Min Read

Mastercard will invest $750 million in India in the next four to five years by continuing to acquire companies there, CEO Ajay Banga said this week, according to a report in the Hindu Business Line.

Speaking at the India Economic Summit in New Delhi this week, Banga said India accounts for 3% of Mastercard's revenues and 14% of its workforce. The first investment Mastercard made in India was its purchase of ElectraCard Services in 2010, and over the last three years Mastercard has poured more than $550 million into the country in acquisitions and supporting organic growth, Banga said.

Mastercard also signed a Memorandum of Understanding this week with the southeast India district of Andhra Pradesh to drive financial inclusion for farmers and other underbanked citizens through fintech.

Ajay Banga, ceo of mastercard — Ajay Banga, chief executive officer of MasterCard Inc., gestures as he speaks during a news conference at the Mobile World Congress in Barcelona, Spain, on Tuesday, March 3, 2015. The event, which generates several hundred million euros in revenue for the city of Barcelona each year, also means the world for a week turns its attention back to Europe for the latest in technology, despite a lagging ecosystem. Photographer: Pau Barrena/Bloomberg *** Local Caption *** Ajay Banga

Kate Fitzgerald

Senior Editor, Payments

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