Mastercard opens tech hub in Vancouver

The company is developing innovations in payment tech alongside cybersecurity advancements.
Mastercard-Mastercard opens global Intelligence and Cyber Centre

Mastercard has opened its newest Intelligence and Cyber Centre in Vancouver to help the company jointly pursue advancements in payment tech, while also ensuring customers can feel secure in using the new innovations.

With a goal of employing 380 people, the centre will help the payment company advance innovation in cyber security, artificial intelligence and the Internet of Things. The company is already hosting the staff from Vancouver company NuData Security – which Mastercard acquired last year – in the new office, along with some staff from its R&D, operations & technology, and cyber & intelligence divisions, in addition to the new staff it plans to hire. The centre was opened through the Government of Canada’s Strategic Innovation Fund and a $510 million investment from Mastercard.

Some of the innovations Mastercard will be pursuing will be related to finding consumer-facing innovations that will enable more ways to make payments with devices. However, surveys have shown on multiple occasions that security and privacy concerns remain a hurdle for the adoption of new payment methods. Ajay Banga, president and CEO of Mastercard, acknowledged that enabling new customer experiences with new technology requires a holistic approach that includes cybersecurity.

“Ensuring payments are both convenient and secure has always been a top priority for Mastercard,” he said. “The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things.”

The space in Vancouver is one of six similar technology centres Mastercard operates around the world and its work will be implemented into payment systems globally. Other global technology centres have been opened in New York, St. Louis, India, Dublin and Sydney.