Mastercard has established its first innovation lab in India that will focus on digital payments, data solutions, financial inclusion, alternate payment methods and security.
Supporting India’s cash-less agenda, the new lab in Pune, Maharashtra will work in collaboration with the financial institutions, merchant partners and fintech firms to help create digital economy while boosting financial inclusion.
Leveraging Mastercard’s Start Path programme, the lab will work with startups that develop next generation and commerce solutions.
The new hub will build new concepts and innovations through incubation, proof of concept, pilot and commercialisation to provide additional value to consumers and businesses in India.
Mastercard executive vice president Ken Moore 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.
“By bringing together a team of passionate individuals from diverse cultures and disciplines, we seek to further accelerate and enhance our ability to launch innovations that help us enhance the lives of everyday Indians and help them move closer to our vision of a world beyond cash.”
Mastercard vice president of Asia Pacific Tobias Puehse 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.”
Mastercard Labs in India is the company’s ninth lab in the world and the second in Asia Pacific after Singapore.