Mastercard and Razorpay have joined hands to empower Indian micro, small and medium enterprises (MSMEs) and startups especially in tier 2 and 3 cities in digitising their operations, maintaining business continuity in the challenging environment, and preparing them for cashless future.
- It should be noted that Razorpay is India’s youngest unicorn (Company valuation exceedes $1 billion).
Reason behind this partnership:
Before COVID-19, around 90% of India’s retail payments were conducted in cash. This scenario has seen a massive reform as the pandemic has accelerated the adoption of digital technologies.
- This provided opportunity to merchants, consumers, acquirers and fintech companies for collaborations in expanding digital payments sector.
- SMEs and startups are front-runners in this. Now this partnership will aid them in in building their customer base and meet demand for secure, convenient and touch-free transactions.
Recent Related News:
i.On December 17, 2020 IndusInd Bank in partnership with Mastercard launched its 1st metal credit card, ‘Pioneer Heritage Credit Card’. This Contactless Credit Card is designed to meet the needs of High-Net-Worth-Individuals (HNWIs), especially of the affluent Indian professionals and entrepreneurs.
ii.On January 18, 2021 Mastercard launched Digital Acceleration for Small Businesses Microsite across most of its Asia Pacific websites. The one-stop resource site provides information and resources for Small and Medium Enterprises (SMEs) to digitize and operate their business more efficiently.
About Mastercard:
Executive Chairman– Ajay Banga
CEO– Michael Miebach
Headquarters– New York, United States
About Razorpay:
CEO– Harshil Mathur
Headquarters– Bengaluru, Karnataka
