Mastercard Move: The Future of Seamless Global Payments
When Pratik Khowala, the Global Head of Transfer Solutions at Mastercard, remembers his time working abroad, one experience stands out vividly: the struggle to send money back home to India. For many people like him, navigating international payments can feel frustrating—especially for small businesses. Traditionally, sending money internationally from India hasn’t always been as quick or straightforward as it should be, especially compared to domestic transactions.
As India continues to make remarkable progress in its banking sector, expectations are naturally rising. People want international payments to be just as fast and seamless as local ones. Recognizing this need, Mastercard has launched Mastercard Move, a crucial initiative that aims to transform both global and domestic payment processes. Today, Khowala plays a vital role in this endeavor, overseeing a platform that facilitates money transfers in over 200 markets around the world, ensuring that sending or receiving international payments is not a hassle.
Who is Driving This Change?
Pratik Khowala is not just a figurehead; he is deeply invested in making payments easier and more efficient. Since becoming responsible for Transfer Solutions at Mastercard in 2025, Khowala has taken charge of various aspects, from strategy and partnerships to operations and financial performance. His financial expertise spans over 25 years, during which he held the role of Chief Financial Officer (CFO) in multiple financial institutions.
What sets Khowala apart is his unconventional career path. Instead of simply climbing the corporate ladder, he stepped back from a high-level position to run a business. This decision, he believes, allowed him to gain firsthand experience and become the kind of leader who truly understands the intricacies of finance and technology.
Khowala hails from a small town in eastern India. Much like many others, he faced societal pressure to pursue a career in civil services. “People thought it was a mistake for me to take a different route,” he recalls. Nevertheless, he pivoted from engineering to commerce, eventually achieving chartered accountancy. His career has taken him from India to Dubai, Singapore, and the United States, where he has worked with major financial institutions like Barclays and Citibank.
Understanding the Pain Points in Cross-Border Payments
Khowala recognizes the common issues that plague cross-border payments: slow processing times, high costs, and a lack of transparency due to multiple intermediaries. To address these challenges, Khowala focuses on collaboration with banks, fintech companies, and regulators, laying the groundwork for compliant and scalable payment solutions.
The strategy initially concentrates on inbound payments, where Mastercard already has a presence, but it is set to expand into outbound payments. This is particularly relevant for small to medium enterprises (SMEs) and international education sectors. “Our ultimate goal is to create an invisible infrastructure that just works,” Khowala states. “When payment systems function seamlessly, users shouldn’t have to think about them.”
In this vein, Mastercard Move has crafted an India strategy that reinforces relationships with local banks, fintech services, and regulators. Khowala highlights that India’s cross-border trade is valued at $1.8 trillion and is growing at a rapid pace of around 10% annually. For many smaller exporters, however, moving money often involves navigating a maze of intermediaries, which leads to unnecessary delays and complex fee structures.
Real-World Solutions
Mastercard Move aims to address these challenges by partnering with regulated local entities that help implement modern financial infrastructure. One notable example is Glomopay, India’s first IFSCA-regulated payments infrastructure. This partnership marks a significant step towards streamlining payment processes for overseas education, professional services, and trade for SMEs.
By leveraging such collaborations, Mastercard Move seeks to simplify international payments, allowing businesses and individuals to focus on what they do best without the constant worry of complex payment systems.
Conclusion
As India steps onto the global stage with its burgeoning economy, the need for straightforward international payment solutions has never been more critical. Under Pratik Khowala’s leadership, Mastercard Move is committed to eliminating obstacles that hinder global transactions, ensuring that money moves effortlessly across borders. With innovative partnerships and a strong focus on technology, Mastercard is setting new standards in the realm of global payments.
In a world that’s increasingly interconnected, Mastercard Move aims to make the world of finance simpler for everyone.
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