Mastercard has formed a strategic alliance with Zoho to exclusively offer a bundled solution for SMEs in India who use its debit and credit cards.

Small and Medium Enterprises (SMEs) can use the new ‘SME in a box’ solution. This is used for all types of digital payments such as Bharat QR, Mastercard business credit and debit cards.

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SMEs in India desire sophisticated software

Furthermore, the bundled solution will enable the businesses to manage their GST compliance. In addition, they will leveraging Zoho’s ERP software to also manage back-office operations

Mastercard added that Bharat QR printed on generated invoices will allow easy collection of payments.

The card company aims to offer better efficiency, instant activation of payment acceptance and optimised experience for SMEs. This is much easier with digitised merchant onboarding.

Zoho director Sivaramakrishnan Iswaran said: “In this spirit, we are happy to join hands with Mastercard to equalize access to world-class accounting, payments, tax filing and business decision making solutions for Indian SMEs.

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“For the first time ever, Indian SMEs have better solutions than their counterparts anywhere else around the globe.”

Mastercard senior vice-president of market development for South Asia Rajeev Kumar said: “SMEs being the backbone of the Indian economy have a significant role in this journey. This partnership is yet another way for Mastercard to empower Indian SMEs with the best-in-class technological solutions.

“Mastercard is confident that it will enhance digital payment acceptance in the country. Furthermore, contribute to the government’s mission of 30 billion transactions in FY 2019.”