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Business EconomyPosted at: Apr 18 2019 8:02PM


Mastercard commits to empower 10 mn merchants by 2020

New Delhi, Apr 18 (UNI) Mastercard expressed commitment to empower 10 million merchants with digital payments acceptance capabilities by 2020.
"Mastercard’s commitment to increase digital payments acceptance among merchants requires three critical things, i.e., education and awareness, development of low cost acceptance solutions, and merchant on-boarding through accelerator programs. Therefore, Mastercard is partnering with fintech companies, acquirers, Payments Facilitators, industry bodies, and regulators," said Mastercard South Asia Market Development senior vice president Rajeev Kumar in a statement.
"Currently, about 5 million merchants across the country are equipped to accept digital payments," it was stated.
Mastercard’s partnership with fintech companies such as Mosambee, Zoho, and Signzy has resulted into several unique, low cost, easy to use solutions that allow merchants to accept different digital payments in different form factors.
It was stated that Mastercard is also working in collaboration with various banks to expand the acceptance network. Its partnership with RBL Bank has added over 500,000 merchant acceptance or Point-of-Sale (PoS) locations since demonetization in November 2016, fastest by any bank during this period.
Similarly, Mastercard’s partnership with South Indian Bank resulted into ‘Merchant-in-a-Box’, a bundled tool kit that makes payments acceptance easy for micro-merchants and SMEs.
The commitment was made during the event REACH – Mastercard Acceptance Summit 2019.
It is a platform that brings together different stakeholders for strengthening the acceptance of digital payments among merchants.

At the forum, industry stakeholders discussed the long term roadmap to make India the world’s largest digital payments acceptance destination.
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