American credit card major MasterCard has announced that it will be investing seriously in India. The company is banking on India’s fast-growing ecommerce industry and the recent digitisation drive. Around June last year, the company had stated that it would invest $ 700 – 800 million in India by 2020. Country Head in India Porush Singh had said,
“We are pretty confident of the Indian market, which is why we are looking to make this level of investment. The future is clear. There is a big opportunity (for electronic payments) in India and more technology is going to come.”
The company seems to be following up on the plans Singh had announced. Sam Ahmed, MasterCard’s senior vice-president of marketing / Chief Marketing Officer for Asia Pacific said about the expansion plans,
“India is one of the top priorities in the region. We have increased our investments in India by over 30% in the last two years and we are going to increase it even more.”
‘Mobile is the key’
Ahmed acknowledged the power of mobile and mentioned MasterCard’s interest in ecommerce,
“The investments will also be channelised towards the digital and e-commerce engine giving consumers what they need. We are planning to do this by partnering with small businesses and merchants and outbound travellers.”
He also mentioned that they would be tying up with movie releases and local sporting events to popularise MasterCard.
With credit card companies coming forward to invest in ecommerce and the digital movement, things should get a fillip.