Mastercard made a strategic equity investment in Instamojo to digitize and empower Micro, Small and Medium Enterprises (MSMEs) and gig workers by providing ‘easy to use solutions’.
- The solutions will support the MSMEs to get digitized by setting up online stores, that are equipped with digital payment acceptance capabilities (to reach customers under COVID-19).
Instamojo Platform:
i.It is a full-stack digital solutions provider for MSMEs, it offers a ready-made virtual online selling platform for SMEs to set up an e-commerce business and accept digital payments, following a fast and easy onboarding process.
ii.The virtual platform will enable the merchants to have ready access to a fully functional online store with in-built payments and shipping capabilities, marketing tools and other value-added services such as logistics and credit facilities.
Initiatives of MasterCard:
i.Mastercard committed Rs 250 crores in 2020 to support small businesses in India, under which it had launched several initiatives such as growing digital payments awareness, providing low-cost digital and physical acceptance solutions.
ii.It also empowers small merchants, women entrepreneurs, and Kirana stores with access to credit.
Gig workers – They are defined as independent contractors, online platform workers, contract firm workers, on-call workers and temporary workers.
Recent Related News:
On April 22, 2021, The Mastercard and Bank of Baroda Financial Solutions (BFSL), a wholly-owned subsidiary of Bank of Baroda came together to launch World’s 1st QR on Card Program ‘ConQR’ – a Mastercard QR on Card solution to simplify digital payments of Small and medium-sized enterprises (SMEs)
About Mastercard:
Headquarters – New York, U.S.
CEO – Michael Miebach
About Instamojo:
Headquarters – Bangalore, Karnataka
Co-founder & CEO – Sampad Swain
