Mastercard shifts tech hub to Sydney

Payment cards giant Mastercard has moved to shift a significant portion of its research and development work to Sydney, announcing today it will combine a new ‘global tech hub’ with its corporate and operations offices in St Leonards.

The launch of the new facility, which will house more than 550 Mastercard employees, comes as card schemes try to keep up with local bank investments in various fintech ventures that are increasingly being run out of state government supported start-up hubs like Stone and Chalk.

Mastercard certainly isn’t sparing the optics, roping in NSW Treasurer Dominic Perrottet to cut the ribbon on the facility as the government seeks to push its tech job creation credentials ahead of a looming state election.

The payments scheme already has a strong relationship with major agencies including Transport for NSW where the use of everyday payment cards to access public transport instead of Opal Card tickets is already underway.

NSW Treasury also has its transactional banking contract out to market at the moment, with Mastercard well and truly in the mix for the payments tech overhaul thanks to key relationships with both the Commonwealth Bank of Australia and Westpac as key issuers of its card products.

To read more about Mastercard’s tech hub, please click on the link below…

Source: Mastercard shifts tech hub to Sydney – Finance – Software – iTnews