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Mastercard dedecate to strengthen digital payment acceptance in India

Updated time: Aug 20, 2020 , 10:43 (UTC+03:00)

New Delhi [India], Nov 21: Committed to make India a cashless economy and enhance digital acceptance, Mastercard on Tuesday announced its tie-up with technology company Mswipe to launch Asia's first digital merchant onboarding solution.

The platform will help increase the acceptance footprint exponentially in India by 2020, as at present, India has around 2.9 million PoS terminals with over 60 million merchants.

"Through this collaboration, our focus is to deliver convenient, safe and secure technologies for merchants to accept electronic payments that will boost acceptance infrastructure in the country," said division president, South Asia, Mastercard, Porush Singh.

"Mswipe's objective is to digitize not only payments but all other business processes around payments. While almost every other element of the merchant acceptance business has gone digital, KYC authentication remains a big hurdle and leads to inefficient and sub-optimal merchant onboarding experience," said CEO Mswipe, Manish Patel.

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Adding to this, Manish added that the new solution, developed in partnership with Signzy and Mastercard, will become Asia's first merchant acquirer to offer a digital onboarding platform with real-time KYC.

"The solution is in line with Prime Minister Narendra Modi's vision for Digital India," added Patel.

"Through this collaboration, we hope to create a convenient yet safe digital infrastructure that ensures business innovation," added co-founder Signzy, Arpit Ratan.

Mastercard's recent efforts in India have been towards providing full ecosystem and cash management tools to the SME segment, to encourage them to go cashless.

Its partnership with CAIT (Confederation of All India Traders), drove a campaign with 63 million merchants and traders to create much greater awareness of benefits of electronic payments within the merchant community.

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