Mastercard is to create 1,500 jobs in Ireland over the next three to five years.
Dublin will become Mastercard's Technology Hub for Europe from a new campus site in Leopardstown.
The new jobs are being supported by IDA Ireland and will more than treble the size of Mastercard's workforce in the country's first major multinational jobs announcement of 2020.
The US credit card issuer has had a presence in Dublin since 2008 - employing just 36 people - and set up its research and development arm, Mastercard Labs, in Ireland eight years ago.
It plans to increase its staff to more than 2,000 from 650 now, IDA Ireland said in a statement.
Ed McLaughlin, President of Mastercard Operations and Technology, said the company's Dublin Tech Hub is an innovation engine for the company across Europe and beyond.
"Our new campus will help us continue to attract the best and brightest tech talent, so that we stay on the forefront of emerging tech trends and are well positioned to forge the future of digital commerce across the globe," Mr McLaughlin said.
Martin Shanahan, chief executive at IDA, said the expansion of Mastercard's new European Technology Hub is excellent news and demonstrates a substantial commitment to Ireland, making it a key location in the company's global operations.
He said that Ireland's position as a leading global financial centre includes a strong record of success in the payments sector.
Ireland is home to some of the world's largest payment businesses, including Mastercard.
"This substantial investment and build out of Mastercard's operations in Dublin is a further strong endorsement of Ireland's standing in International Technology Services and its offering to companies considering locating here," Mr Shanahan added.
Taoiseach Leo Varadkar said today's jobs announcement is excellent news and further proof of Ireland's place as a global hub for technology.
"The 1,500 jobs being created at Mastercard are high quality, skilled positions, which I'm sure will be much sought after," Mr Varadkar said.
"I commend the IDA for their work in promoting Ireland as an excellent location for investment and I wish everyone at Mastercard well as these exciting expansion plans take shape," he added.
The new jobs will include software engineering roles as well as positions in artificial intelligence, cyber security, blockchain and data as part of the development of payments technology.
The Chief Executive of Sandyford Business District has welcomed the jobs announced by Mastercard.
Conor Battigan said it represents a real vote of confidence in the area.
He said: "Sandyford Business District has gone from strength to strength in recent years with the quality of businesses we are attracting.
"This does not happen by accident and I would like to commend the business community for readily working with us to adopt initiatives that enhance where we work, live and play."
Mr Battigan said the jobs will "help build a stronger community and provide job opportunities for the residents while bringing added footfall to our retail members."
Recruitment for the jobs will begin today.