Mastercard to develop India as global tech node

New Delhi: Global card payments major Mastercard on Monday said it will invest $1 billion (about Rs 7,000 crore) in India in the next five years and plans to make the country a global technology node for its platforms.

The company has already invested $1 billion in the Indian market in the last five years. "Over the last five years, we invested about $1 billion in India.

Given our increasing confidence in the Indian economy, where it is likely to be over the coming decade, we are stepping up on our investment commitment in India.

We are committing another $1 billion into India (for next five years)," Ari Sarker, co-president, Asia Pacific, Mastercard said in an interaction here.

The most crucial thing about this investment is that Mastercard is building India as a global technology node for its global platforms, he said.

This investment will help foster innovation and increase Mastercard's speed-to-market capabilities and value-added services.