Mastercard Ties-Up with Razorpay to Drive Digital Payments for Small Businesses

Mastercard claimed in a release that the tie-up would empower Indian micro, small and medium-sized enterprises (MSMEs) to digitise their activities by retaining business continuity in a difficult environment and by planning for the future beyond cash.

Around 90% of retail payments in India were conducted in cash before the outbreak of COVID-19. The pandemic has accelerated the adoption of digital technologies in recent months and it had rapidly shifted how consumers prefer to shop as well as pay.

A great opportunity is being presented in order to unite merchants, consumers, acquirers and fintech companies in accelerating the adoption of digital payments in India.

The Chief Innovation Officer of Razorpay, Amitabh Tewary stated that “The brand is going through the biggest transformations in Indian financial history – the Fintech Revolution that will be significantly altering the payment and banking experience of consumers along with business now and in the coming years. Each day, new businesses are being evolved with different methods of payment & banking needs and catering to a different set of customer & markets.”

Tewary stated that this partnership will help digital adoption and provide millions of businesses, especially in tier 2 and 3 cities, with industry-leading technologies that will be helping to ensure business resilience.

He further stated that “One of the initiatives that we will be working on jointly is to make recurring payments more accessible to businesses and consumers by creating seamless onboarding solutions for bill payments, digital content platforms and other subscription services.”

Mastercard reported that it has been actively working to accelerate digital payment adoption in India. It will continue to encourage merchants and payment aggregators to ease payments to help them develop their businesses effectively.

Mastercard’s aim is to digitally equip merchants across India as well as to embrace the latest ideas and technologies that Razorpay can bring to help achieve the goal.

Senior Vice President, Market Development, South Asia, Mastercard – Rajeev Kumar K stated that “With its technology and experience, Mastercard is committed to creating reliable, secure and more convenient ways to make payments and is confident this collaboration can offer that and more.”

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