Mastercard has forged a partnership with Singapore-based fintech firm Atlantis to address the growing demand of digital payment solutions in India.
The companies have announced the expansion of the ‘Digital First’ programme in the country.
Under this programme, customers can digital transactions using their accounts or cards, within minutes of applying.
They can complete the application and issuance process online, including Video KYC – launched by Mastercard in partnership with Signzy.
Once the application is submitted, cardholders can start transacting online or in-store, without needing to wait for a physical card to arrive.
They will get near-instant access to their card information and using a mobile app they can manage spending and set up usage alerts.
After launching in India, the partnership will also expand to Malaysia, Singapore and Thailand.
Recently, Atlantis launched its Neo-Bank platform in India for Gen Z and Millennials.
Through Mastercard’s Digital First programme, the company will provide its customers with end-to-end digital payments product.
Commenting on the partnership, Atlantis founder Gaurav Sharma said: “The Digital First programme is a step towards the long-term trajectory of autonomous finance. We are excited to partner with Mastercard and leverage their technology capabilities to move forward in that direction.”
The Digital First programme is applicable for prepaid, debit and credit cards as well as account-based payments, via any digital device.
Last year, Mastercard also partnered with Apple to debut the Digital First programme.
Mastercard South Asia COO Vikas Varma said: “Mastercard is delighted to partner with Atlantis to extend the Digital First Program to allow more of their users to enjoy immediate account access and convenient payments.
“This partnership will set new benchmarks for neo-banking in India and further boost digital adoption among consumers.”