Mastercard lab to help India on inclusive digital economy goal

Global payments solution major Mastercard today said it 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".

This lab will be Mastercard's ninth such establishment in the world and the second in Asia Pacific after Singapore.

Mastercard will 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.

"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, said Ken Moore, Executive Vice President, Mastercard Labs.

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 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.

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

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

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)