World’s second largest payment processing company Mastercard has appointed Rajnish Kumar as the chairman of Mastercard India. Rajnish Kumar retired as the chairman of India’s largest Bank, State Bank of India (SBI) in 2020.
Rajnish Kumar has served for nearly four decades in SBI. He held various leadership roles in the bank managing critical operations across India, the UK and Canada. He is also widely credited for spearheading the YONO platform.
Mastercard has said that it sees India as a key growth market and has invested $2 billion in the country since 2014 to build technology centres and support innovation in digital payments.
It is an American multinational company based in New York which is in the business of card payment processing . It is the second largest payment processing company in the world after VISA. Other important payment processing companies in the world are American Express, Discover, and National Payment Corporation of India (NPCI) developed RuPay.
Mastercard partners with member financial institutions like banks that, in turn, issue Mastercard-branded cards to consumers. The consumer uses the mastercard branded credit card or debit for shopping or making payments at merchant outlets which accept mastercards .
The payment is processed by mastercard through its secured proprietary network. The financial institution pays a fee for every transaction done by a customer using the mastercard card.
It is to be noted that card processing companies like Visa, Mastervcard ,RuPay cannot issue credit or debit cards . The cards can be issued only by Banks or NBFC authorised by RBI.