Mastercard and Payswiff partner to boost digital payments in Tier II and III cities
Mastercard and Payswiff on Monday announced that they have signed a partnership to boost digital payments solutions beyond the top eight cities of the country, aimed at speeding up acceptance and adoption of digital payments in India.
They will provide app, services and support in regional languages, especially in areas where Point-of-Sale (PoS) machines are not easily accessible.
Payswiff’s SET is a mobile application where individuals and business owners can accept payments using more than 60 payment options including credit cards and debit cards, e-wallets, e-payment links and UPI.
It also offers paperless merchant onboarding in less than 15 minutes on all PoS devices.
In a statement, the companies said that they are planning to add new features like ‘same-day’ and ‘instant’ merchant settlements to benefit micro merchants in small cities. They will be able to unlock additional revenue streams using features in the app like mobile recharges and utility bill payments among others.
Speaking on the partnership, Priti Shah, Co-founder and CEO of Payswiff Solutions, said,
"Our continuous endeavour is to make payment transactions simple by developing innovative and user-friendly solutions to address industry pain points. SET is another attempt to fulfil this objective... We are excited to partner with Mastercard to bring these people to the formal economy and pave new avenues for their growth.”
Currently, over 40 percent of Payswiff’s business comes from Tier II, III and IV cities. It has 1.5 lakh devices deployed with merchants in the enterprise and small and medium business (SMB) space and plans to expand its services to over 3,000 locations in rural India.
Rajeev Kumar, Senior VP - Market Development, South Asia, Mastercard, said,
“Mastercard aims to empower merchants across the country, especially in small towns and villages, with digital payments acceptance infrastructure. Mastercard’s partnership with Payswiff is a vital step in this journey. It will allow millions of small merchants across the country to experience the convenience, safety and security of digital payments and bring about a behavioural shift in society”
Mastercard recently announced its goal of bringing 10 million merchants on digital payments platforms by 2020 and has been providing education and awareness programs for merchants through accelerator programmes.