MasterCard takes 12.5% stake in Electra Card Services
By Ankit Sharma
Oct 1, 2010
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MasterCard Worldwide has taken a 12.5% stake in ElectraCard Services, which is a payment solutions company located in Pune. It is a wholly owned subsidiary of Opus Software Solutions.

According to Ajay Banga, president and chief executive officer of MasterCard Worldwide the company may look into the prospect of increasing its stake in ECS in future.

"This tie up helps us provide a better, faster and cheaper technology to our customers," Ajay Banga said.

"We will look at enhancing the stake at an appropriate time in future," Banga added.

ECS ranks amongst the largest internet payment solution providers in the country. The company has seen revenue worth Rs 110 crore in 2009-10.

Ramesh Mengawade, chairman and CEO of ECS, said, "We will get access to other global markets in southeast Asia, Africa and West Asia through MasterCard and hence, it is a win-win proposition for us."

"We are service providers to seven out of the top 10 banks in India including SBI, ICICI Bank and Axis Bank," Mengawade claims.


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