A momentous day for @mastercard we officially launch the Pune Tech Hub. Take a look at the highlights from our grand opening ceremony, where we celebrated innovation, collaboration, and our commitment to India’s tech ecosystem. With over 6,000 technologists, engineers, and… pic.twitter.com/uC78LDVK0W
— Mastercard India (@mastercardindia) October 17, 2024
Growth in India
Mastercard started its first tech hub in Pune in 2014 with a small team. Over the years, it has grown significantly and now plays an important role in supporting Mastercard’s operations in areas like payment safety, cybersecurity, fraud detection, and digital identity. Ed McLaughlin, Mastercard’s President & Chief Technology Officer, said, “Our new Tech Hub in Pune will be key to our global technology strategy. It will work with other hubs worldwide to develop technologies that make everyday life easier.”
Supporting India’s Vision
The opening of this tech hub supports the Indian government’s ‘Viksit Bharat’ vision, which aims to make India a fully developed and technologically advanced country by 2047. Gautam Aggarwal, Mastercard’s Division President for South Asia, noted, “India is a strategic location for us, and we are committed to investing in technologies that help the digital economy grow. This new Tech Hub in Pune shows our focus on expanding in this market.”
Mastercard and Visa currently dominate the credit card market in India, while RuPay holds a strong position in the debit card sector. This competitive landscape highlights the significance of Mastercard’s continued investment and growth in the region.
Innovation and Initiatives
The team in Pune is already working on important projects for India, including the Community Pass financial inclusion platform and the Payment Passkey Service, which helps make online payments safer. The Pune hub also acts as an authorized Authentication Service Agency, helping banks and government partners provide Aadhaar-based services.
With this new hub, Mastercard adds Pune to its list of global tech centers, which includes locations like Arlington, Dublin, New York, St. Louis, Sydney, and Vancouver. Mastercard also has offices in Gurugram, Mumbai, Hyderabad, Bengaluru, and Vadodara, further strengthening its presence in India.