Tweet: #Mastercard supports India’s cash-less agenda w the launch of the latest #MastercardLabs in Pune http://mstr.cd/2yVaRRI

Pune, 10 October 2017 – Mastercard today announced the launch of its first Lab in India, reinforcing its commitment as a true partner in the country’s digital journey. Mastercard Labs, which will be established in Pune, will bring new commerce, payment and technology ideas to life with greater speed than ever before.

Mastercard Labs in India is the company’s ninth lab in the world and the second in Asia Pacific (following Singapore).  In India, Mastercard Labs will work with financial institutions and merchant partners and the Fintech community to identify and experiment with future technologies in a few key areas including digital payments, data solutions, financial inclusion, alternative payments and safety and security. The Lab will also support and work with startups developing next generation, breakthrough commerce solutions through Mastercard’s Start Path program.

“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. 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 Labs in Pune will be a key innovation engine for the country and foster collaboration and co-creation with academia, Fintech experts, technologists and developers based in India. It will identify and experiment with future technologies and drive new concepts and innovations through incubation, proof of concept, pilot and commercialization, in order to deliver additional value to consumers and businesses of India.

“The Mastercard Labs in India provides a significant opportunity to highlight the country’s standing as a world-class innovation hub, renowned for its entrepreneurial spirit and growing pool of science, technology, engineering and mathematics talent,” said Tobias Puehse, Vice President, Innovation Management, Digital Payments and Labs, Asia Pacific, Mastercard. “By establishing the new lab in Pune, we are looking to deepen our active collaborations with governments, issuers and businesses in India and revolutionize 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 one of several broad-based collaborations Mastercard has launched India and the wider Asia Pacific region. This year, Mastercard co-innovated with the National Payments Corporation of India (NPCI) and other payments brands to develop Bharat QR, the world’s first interoperable Quick Response (QR) code acceptance solution, as part of a national push to streamline local electronic payments infrastructure.

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About Mastercard
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Mastercard communications contact:
Venture Liang, +65 6390 5973 (Asia Pacific)
Venture.Liang@Mastercard.com
Samantha Yong, +65 6825 8053 (Asia Pacific)
samyong@webershandwick.com
 
Latika Taneja, +91 124 4836046 (South Asia)
Latika.Tanekja@Mastercard.com
Diksha Sethi, +91 114662550030 (South Asia)
diksha@avian-media.com