Mastercard opens Indian innovation lab
Written by Chris Lemmon
Mastercard has announced the launch of its first innovation lab in India, which will work with financial institutions and merchant partners to identify and experiment with new technologies.
Mastercard Labs in India is the company’s ninth lab in the world and the second in Asia Pacific (following Singapore). The lab, which is located in Pune, will focus on key areas including digital payments, data solutions, financial inclusion, alternative payments and safety and security.
Ken Moore, executive vice president of Mastercard Labs, 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.”
Tobias Puehse, vice president of innovation management, digital payments and Labs, Asia Pacific at Mastercard, added: “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.
“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.”