News

MasterCard acquires India-based ElectraCard Services

May 19, 2014

MasterCard has entered into an agreement with Opus Software Solutions Pvt. Ltd. to acquire its subsidiary, ElectraCard Services Pvt. Ltd., a Pune, India-based provider of software solutions and processing services for electronic payment and card systems.

The ECS customer base includes financial institutions, retailers and telcos in more than 25 countries, a press release from MasterCard said. The company’s suite of products lets customers issue and manage all types of payment cards and electronically process card transactions across multiple channels such as ATM, POS, Internet and mobile.

“The acquisition of ECS strengthens our capabilities and enables us to offer a true end-to-end solution for our customers,” said Vicky Bindra, MasterCard president for Asia/Pacific, Middle East and Africa. “ECS’s expertise complements MasterCard’s products and services, making us an even stronger player in the field of processing and switching.”

According to the release MasterCard previously had a minority investment in ECS. This transaction is anticipated to close in the second quarter of 2014. Terms of the agreement were not disclosed.