Mastercard lab to help India achieve digital economy goal

Global payments solution major Mastercard has launched its first technology lab in the country that will help India move towards digital economy and financial inclusion.

Mastercard Labs in Pune reinforces the commitment of the company to help India move towards its digital journey, it said, adding it will bring new commerce, payment and technology “ideas to life with greater speed than ever before”, media reports said.

This lab will be Mastercard’s ninth such establishment in the world and the second in Asia Pacific after Singapore, reported PTI.

Mastercard will reportedly engage with financial institutions, merchant partners and fintech companies to identify and experiment in digital payments, data solutions, financial inclusion, alternative payments as well as cyber security.

The lab will also support and work with startups developing next generation, breakthrough commerce solutions through Mastercard’s Start Path programme, the report said.

“Learning, innovation, and collaboration cannot exist in isolation. The launch of the first Mastercard Labs in India is evidence of our commitment to designing solutions that drive commerce and create more inclusive societies around the world, Ken Moore, Executive Vice President, Mastercard Labs, was quoted as saying.

This will help improve lives of common Indian and help them move towards a world beyond cash, Moore added.

The lab with incubation, proof of concept, pilot and commercialisation facilities will help deliver additional value to consumers and businesses of India, the company reportedly said.

“By establishing the new lab in Pune, we are looking to deepen our active collaborations with governments, issuers and businesses in India and revolutionise the market’s digital payments ecosystem to drive greater acceptance and adoption of electronic payments, not just in India but around the world,” said Tobias Puehse, Vice President, Mastercard Labs, Asia Pacific.

The launch of the technology lab in India is part of Mastercard’s several broad based collaborations in India and Asia Pacific, reported PTI.

Earlier this year, Mastercard co-innovated with National Payments Corporation of India (NPCI) and other payments brands to develop Bharat QR, the report said.

The QR (quick response) code is the world’s first interoperable data acceptance solution that streamlines local electronic payments infrastructure.

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