Mastercard and Razorpay team up for advanced digital payments

With their partnership, Mastercard and Razorpay will work together to cater to the needs of MSMEs

Mastercard Razorpay

Mastercard and Razorpay team up for advanced digital payments. Source: shutterstock.com

To drive digital payments acceptance by small businesses and startups in India, Mastercard and Razorpay have launched a strategic partnership.

The partnership will empower Indian micro, small and medium enterprises (MSMEs) in digitizing their operations, maintaining business continuity in the challenging environment, and preparing for the future beyond cash.

Prior to COVID-19, nearly 90% of India’s retail payments were conducted in cash. In recent months, the pandemic has accelerated the adoption of digital technologies and rapidly shifted how consumers prefer to shop and pay.

This presents a great opportunity to unite merchants, consumers, acquirers, and fintech companies in expanding the adoption of digital payments in India.

Now more than ever, SMEs and startups would require establishing a digital footprint to build their customer base and meet the demand for secure, convenient, and touch-free transactions.

We’re going through one of the biggest transformations in Indian financial history – the Fintech Revolution – that will significantly alter the payment and banking experience of consumers and businesses now and in the years to come. New businesses are evolving every day with different payment and banking needs and catering to a different set of consumers and markets. We are excited about strengthening our partnership with Mastercard, the global payments and technology leader, in furthering digital adoption and equipping millions of businesses, especially in tier 2 and 3 cities, with industry-leading technologies that will help ensure business resilience
Amitabh Tewary, Chief Innovation Officer, Razorpay

We’ve reported that mobile wallet transactions in India to surpass 1 trillion by 2024.

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