Payment giant Mastercard is planning to invest INR70bm ($1bn) over the next five years in its Indian operations.

Out of the total investment, the company plans to invest around $350m to establish a local processing centre, The Economic Times has reported citing a top company executive.

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The setting up of a local processing centre is in line with the country’s central bank mandate of storing payments data locally.

Furthermore, the processing centre will be the company’s first outside of the US. It will employ approximately 1,000 people.  In addition the centre will which is set to open in 18 months.

Expected to come up in Pune, Maharashtra, the centre could service markets such as Southeast Asia and APAC.

It will handle multiple tasks including circuit switching for ATMs, prepaid, Point of Sale, and ecommerce transactions.

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Mastercard division president for south Asia Porush Singh was quoted by The Economic Times as saying: “This isn’t just a basic node that does authorisation and processing — we will bring in many other value-added services.

“These capabilities will keep evolving over time and we will look at other markets we can service out of here.”

The company is expected to invest the remaining money to grow local business and bolster team that serves foreign operations.

Singh added: “We’re going to be investing in both technology and people and already have centres in Gurugram, Vadodara and Pune.

“Because of the kind of capabilities we are deploying, this time, a large chunk of that value is going to be in India itself, and that’s why we’re looking at how we can deploy it across multiple markets in the region.”

In the last five years, Mastercard has invested approximately INR65b ($937m) in India. Now the team has expanded from 30 to around 2000.