MasterCard Bulks up Processing Muscle in India with ElectraCard Services Acquisition (May 19, 2014)
A little more than a month after announcing 40 percent prepaid growth in Asia-Pacific, Middle East and Africa, MasterCard is buying Pune, India-based prepaid processor ElectraCard Services (ECS) Private Ltd. MasterCard said the deal will extend its product offerings and add to the company’s processing solutions for issuing and acquiring, among other capabilities.
The acquisition of the former subsidiary of Opus Software Solutions Pvt. Ltd. is expected to close this quarter. Terms were not disclosed. MasterCard previously had a minority investment in ECS, which has a customer base that includes financial institutions, retailers and telcos in more than 25 countries.
“The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers,” said Vicky Bindra, president, Asia-Pacific, Middle East and Africa, MasterCard. “ECS’s expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching.” The global payment network also strengthened its processing muscle in January with the acquisition of Turkish-based Provus.
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