Vikas Varma has been named as the new chief operating officer of the Mastercard's South Asian division.
Mastercard recently announced an investment of US$1 billion over the next five years in India, in addition to the earlier investment of US$1 billion between 2014-19.
Vikas will play a critical role in channelling this investment towards Mastercard's long term strategy for the Indian market.
In his new role, he will lead initiatives such as new partnerships and development of digital payment solutions in the country. These initiatives will further accelerate Mastercard's ongoing focus on the technology innovation, merchant acceptance and consumer adoption of digital payments.
Elaborating on the strategic decision, Porush Singh, division president of Mastercard's South Asia division said, "Given his [Vikas Varma] vast experience and expertise in payment innovation in emerging markets, the Mastercard is confident that in his new role, Vikas will be instrumental in driving growth of digital payments and support India's evolution into a less-cash society."
Before joining the Mastercard in 2005, Vikas had worked with major global payment brands and held leadership positions in areas of market development and consumer card products. He is an alumnus of the Institute of Management Technology, Ghaziabad.
In addition to India, Mastercard is partnering with governments and regulators in emerging South Asian markets such as Bangladesh and Sri Lanka to build the requisite infrastructure and promote digital payments.
Vikas will also provide guidance to the Mastercard country management of Bangladesh and Sri Lanka.