As, India’s small and medium businesses (SMB) are amongst the most affected from the COVID-19 crisis owing to their dependence on the cash-economy and the lockdown-induced supply chain disruptions, Mastercard has declared a commitment worth Rs. 250 crores (i.e. $33 million) with the aim to help restart Indian small and medium businesses and aid their recovery.
Within in commitment, Mastercard will launch multiple initiatives for the purposes of :
- Grow digital payments awareness and provide low-cost digital payment acceptance solutions – both online and offline focusing on simplicity, safety and security.
- Enable small store owners to access credit, knowledge and tools with purpose of increasing operational efficiency so as to drive inclusive growth.
- Empower women entrepreneurs by increasing their business acumen.
This commitment is an addition to Mastercard’s vision of financial inclusion which aims to bring one billion people and 50 million micro and small business into the digital economy by the year 2025.
Division President, South Asia, Mastercard, Mr. Porush Singh said in a statement that “Small businesses are the foundation of India’s economy, contributing nearly 35 percent of the GDP. Mastercard will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses”.
The mentioned new initiatives are partnership between Mastercard and the Confederation of All India Traders (CAIT) to increase digital payment awareness and support on-boarding process for merchants into digital commerce.
In a partnership with Axis Bank and Worldline, Mastercard in June 2020 launched a digital point-of-sale (POS) solution having a “tap-on-phone” functionality which allows merchants to receive payments directly from their smartphones. This solution link-based remote payments for home deliveries, Bharat QR and NFC payments as well.
Mastercard has also launched programs for education and training of women entrepreneurs and also tied-up with large companies and banks to introduce credit schemes for small businesses.