Mastercard and the state government of Andhra Pradesh, India have inked a memorandum of understanding (MoU) to make the state a cashless society and to elevate its foothold as a smart city.

The MoU is signed for a two-year period and aims at creating ‘Fintech Valley’, which enables safe and secure digital payment solutions across the state.

The collaboration will allow Mastercard and the AP government to focus on smart transit solutions with advanced digital payment modes and transparent pricing for farmers via safer and simpler pricing mechanisms. It would also increase digital literacy and expertise.

Mastercard president and CEO Ajay Banga said: “Around the world, Mastercard has partnered with governments to unleash the power and potential of digital transformation. We can do this (the partnership) by empowering small farmers to access new markets and financial services through a digital marketplace created in India by our new Mastercard Labs.

“We can build on six transit programs in India with interoperable open platform which means ease and accessibility for people in using more than one mode of transit helping make cities more efficient.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.