On Thursday, Mr. Ajay Banga, Mastercard’s President issued a statement that Mastercard has bought 12.5 percent stake in Electracard Services (ECS), the Pune-based third party payment services provider.

He has further said that by acquiring stake in ElectraCard Services, they have expanded the MasterCard’s product offering and have enhanced their services across the full spectrum of the value chain.

He further said that the Mastercard is expected to grow by 13-14 percent every year instead of early prediction of 9 to 10 percent earlier by the industry. He has also said that India is one of fastest growing market in the world.

Other market which has good potential for product growth is Europe. He further says that although the usage in India is very small at present, still there is a good potential for e-commerce in India.

As per Mr. Banga, although they would like to increase the stake in ECS but controlling the company is an issue. He has said that they like to have stake in ECS as it is one of the biggest company in India, which provides software for debit and credit cards payments and processing services.