To spur the digital payments acceptance by small businesses in India, Mastercard and Razorpay have launched a strategic partnership combining Razorpay’s payment processing capabilities with Mastercard’s digital banking solutions and card services.
The partnership will empower the MSMEs in digitising their operations, maintaining business continuity in the challenging environment and preparing beyond cash.
The Covid-19 pandemic has accelerated the adoption of digital payments and rapidly shifted how consumers prefer to shop and pay which presents a great opportunity to unite merchants, consumers, acquirers and FinTech companies in expanding the adoption of digital payments in India.
SMEs would require establishing a digital footprint to build customer base and meet demand for secure, convenient and touch-free transactions. Mastercard and Razorpay will work together to cater to the needs of the MSMEs.
Amitabh Tewary, Chief Innovation Officer at Razorpay said, “We’re going through one of the biggest transformations in Indian financial history – the Fintech Revolution – that will significantly alter the payment and banking experience of consumers and businesses now and in the years to come. New businesses are evolving every day with different payment and banking needs and catering to a different set of consumers and markets.”
Tewary added, “One of the initiatives that we will be working on jointly is to make recurring payments more accessible to businesses and consumers by creating onboarding solutions for bill payments, digital content platforms and other subscription services.”
Mastercard has been working towards driving acceptance of digital payments in India and will continue to enable ease of payments for merchants and payment aggregators to help them efficiently grow their businesses.
Rajeev Kumar K, Senior Vice President, Market Development, South Asia, Mastercard, in a statement, said, “Mastercard aims to make merchants across India digitally equipped and welcomes the fresh thoughts and technology that Razorpay will bring to help achieve this goal. Mastercard is committed to developing safe, secure and more convenient ways to make payments with its technology and expertise and is confident this partnership will deliver that and more.”