Mastercard has forged a strategic alliance with Payswiff to increase the adoption of digital payments in Tier 2 and 3 cities in India.
At the core of this alliance is Payswiff’s SET application, which provides business owners and individuals with 60 additional payment options.
The application supports payment options such as debit and credit cards, e-payment links, e-wallets and Bharat QR, among others.
Mastercard said that it will work on an omnichannel distribution strategy alongside Payswiff in order to provide the app and support in regional languages.
The partners, through this alliance, will particularly target areas where point-of-sale (PoS) machines are not easily accessible.
The companies will also focus on adding new features such as ‘same-day’ and ‘instant’ merchant settlements to enable micro merchants in small cities to unlock additional revenue streams.
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Payswiff Solutions co-founder & CEO Priti Shah said: “At Payswiff, our continuous endeavour is to make payment transactions simple by developing innovative and user-friendly solutions to address industry pain points. SET is another attempt to fulfil 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.”
Mastercard senior vice president of market development Rajeev Kumar said: “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 behavioural shift in society.”
Through this alliance, Payswiff intends to expand its services from 1,700 to more than 3,000 locations in rural India.
Last month, reports emerged that Mastercard is planning to invest INR70bm ($1bn) over the next five years in its Indian operations.
Out of the total investment, the company plans to invest around $350m to establish a local processing centre, The Economic Times has reported citing a top company executive.