MasterCard will invest up to $800 million in the India payments market by 2020, on top of $400 already invested since 2014.
The opportunity is massive: less than 5% of payments in India are digital.
Investments will include improved MasterCard acceptance by smaller, independent businesses which make up 45% of India’s GDP; and mobile technology, which is critical in a country lacking ubiquitous wire network infrastructure but with mobile device penetration exceeding 80%.
Last year, MasterCard opened two technology facilities in India as part of its ongoing initiative to convert cash payments.
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