Mastercard CEO plans to increase investment in India
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.