On May 26, 2020, In a bid to create financial products especially for those areas where there is less access to bank services, the Airtel Payments Bank (APBL) has joined hands with Mastercard, a leading technology company in the global payments industry, to develop a special type of payment solutions such as contact less payments via NFC (Near Field Communication), credit facility and other neighbourhood banking services for Indian farmers and small and medium enterprises (SMEs).
Key Points:
i.The payment solutions provided by the Mastercard will enable Airtel Payments Bank’s 4 crore customers to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit.
ii.This alliance, is in line with the Government of India’s Digital India and the banking approach for every Indian,will help Mastarcard’s global and local experiencein developing advanced financial solutions, while it will also benefit from the distribution network of Airtel Payments Bank.
About Airtel Payments Bank Limit :
Headquarters- New Delhi
MD and CEO– Anubrata Biswas
About Mastercard:
Headquarters– New York, U.S.
President and CEO– Ajaypal Singh Banga ( Michael Miebach will take over Ajay Banga in Jan 2021)
