Mastercard has agreed with new partnership with omnichannel transaction solution providers Payswiff in a bid to speed up acceptance and adoption of digital payments in India.
It is expected the alliance will interrupt non-traditional distribution channels to promote lower cost payments acceptance solutions beyond the top eight cities in the country.
Payswiff’s SET application is described as “at the core of this alliance” which enables individuals and business owners to accept payments using more than 60 payment options.
Mastercard will work in collaboration with Payswiff to deliver a omnichannel distribution strategy that will provide support in regional languages, with an emphasis in areas where PoS machines are not easily accessible.
Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard explained: “Merchants and small business owners are a vital part of India’s cash-to-digital journey. Mastercard aims to empower merchants across the country, especially in small towns and villages, with digital payments acceptance infrastructure.”
“Mastercard’s partnership with Payswiff is a vital step in this journey. It will allow millions of small merchants across the country to experience the convenience, safety and security of digital payments and bring about a behavioral shift in society.”
Furthermore, the two firms will also focus on pushing innovation and additional functionalities to benefit the micro merchants with Payswiff planning to expand its services to over 3,000 locations in rural India.
Priti Shah, Co-founder & CEO, Payswiff Solutions Pvt. Ltd. commented: “At Payswiff, our continuous endeavor is to make payment transactions simple by developing innovative and user-friendly solutions to address industry pain points. SET is another attempt to fulfill this objective.
“It encourages individual business owners, small retail stores, cab drivers, quick service restaurants and several other businesses to accept digital payments. We are excited to partner with Mastercard to bring these people to the formal economy and pave new avenues for their growth.”
The partnership helps the government’s plans to push towards a digitalised India; Mastercard recently announced an ambitious goal of bringing 10 million merchants into the fold of digital payments by 2020.
In consideration of this, Mastercard has been working on education and awareness programs for merchants, co-development of low-cost acceptance solutions, and merchant onboarding through accelerator programs.
