AP Govt Signs MoU With Mastercard

October 05, 2017 15:23
AP Govt Signs MoU With Mastercard

(Image source from: Twitter.com/mastercardindia)

AP Govt Signs MoU With Mastercard:- An MoU has been signed between Andhra Pradesh government and US-based payments company Mastercard on Thursday for setting up centre of excellence in Vizag, i.e. Visakhapatnam.

The signing of the MoU took place at an event organized in New Delhi. This collaboration between the two firms is believed to digitally transform the technology sector in Andhra Pradesh and also drive financial inclusion across the southern state.

AP Government MoU With MasterCard

(Image Source: Twitter.com/mastercardindia)

In India, Mastercard has more than USD 4.5 billion worth of investment. Delivering solutions for Cybersecurity, farmer marketplace solutions and smart city/transit and skilling are the focus areas of the MoU. A business summit in Vizag every year will be organized by MasterCard, as a part of the MoU.

MasterCard took the news to twitter and tweeted:

“Proud to announce our partnership with @AndhraPradeshCM to support the state’s efforts towards a cashless state. #CashlessIndia #APMoU”

Andhra Pradesh Chief Minister N. Chandrababu Naidu, during the signing of the MoU said that Vizag will be the global centre for Financial technology in India. The coming month will have a big event on how to make agriculture sustainable to technology. Naidu further added saying that even Microsoft’s co-founder Bill Gates too would grace the event with his presence. “I want to implement all technologies available in the world for forward & backward linkages in agriculture market”, Naidu said.

MasterCard said that it is open to acquiring companies in India and over the next 4-5 years, it will invest USD 800 million.

Mastercard President and CEO Ajay S Banga while speaking at the India Economic Summit organized by the World Economic Forum said India accounts for 3 per cent of the company’s global revenues and 14 per cent of its employee strength. “We have bought a couple of companies in India… That’s where the investments have been in the last 2-3 years. We are continuing with that. We are in the process of looking at other acquisitions and also organic investment,” Banga said.


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