MasterCard Extends Processing Footprint in India and Beyond
Strategic Investment in ElectraCard Services (ECS) to Further Processing Strategy and Create More Value for Customers in Asia/Pacific, Middle East and Africa
Auckland 1 October 2010 - MasterCard Worldwide today announced that it has taken a 12.5% stake in ElectraCard Services (ECS), an India-based leading provider of software solutions for credit and payments management. The investment in ECS bolsters MasterCard’s overarching global processing strategy by further extending MasterCard’s platform and product offerings in Asia/Pacific, Middle East and Africa.
Founded in 2006, ECS provides third party processing services and software for credit, debit and prepaid cards and EFT switching solutions to banks across 25 countries. ECS’ electrasuite, provides depth and capabilities to process in real time a variety of payment transactions. In India, ECS is the largest third party processor for cards and the market leader in Internet payment gateway solutions.
Ramesh Mengawade, CEO, ElectraCard Services, said, “We are very pleased to have MasterCard join us as a strategic partner. Over the past five years, ECS has established a large customer base for our flexible and scalable electra platform, which we expect will be further adopted in the market as a result of this alliance. This collaboration with MasterCard will not only accelerate our growth but will also yield superior processing services to our customers.”
"Processing is a fundamental component of our corporate strategy to bring the greatest value to our customers," said Michael Manchisi, group executive, Global Processing Business, MasterCard Worldwide. "Our investment in ECS enhances our processing capabilities and other product offerings to help us develop a stronger presence especially in emerging markets to better support our customers with solutions that meet their specific local needs while leveraging the global power of the MasterCard Worldwide Network, the most comprehensive, dynamic and efficient in the industry.”
The ECS’ architecture complements the way MasterCard Worldwide Network is designed. Unique to the payments industry, the MasterCard Worldwide Network blends two traditional processing architectures – offering fast, reliable and secure transactions and creating the most comprehensive, dynamic and efficient network in the industry.
As part of its broader processing strategy, MasterCard remains committed to raising the bar on innovation and providing solutions for the deployment of turn-key payment platforms. The company’s fully-integrated global payment platform enables its customer financial institutions to offer new, differentiated products to their cardholders; build new relationships; enhance customer loyalty; reach new segments; secure first-mover advantage and drive greater efficiencies.
MasterCard continues to forge new and enhancing existing partnerships with companies around the world to offer its customers an expanded suite of payment solutions that meet their unique processing needs.
MasterCard has recently entered into an agreement to purchase DataCash, a European payment service provider, with the intention to expand and enhance its successful MiGS gateway business, enabling merchants to gain new market reach and access to value-added services. DataCash offers a single interface that provides European e-commerce merchants with the ability to process secure payments across the world.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com. Follow us on Twitter:@mastercardnews.