Airtel Payments Bank and Mastercard have partnered to develop customized financial products for farmers, SMEs, retail customers and those under the under banked spectrum. Both entities are working to drive adoption of formal banking and digital payments in the country.
Airtel Payments Bank distribution network and Mastercard’s global and local experience will be brought together in developing advanced financial solutions. It will aim to build a platform wherein farmers are provided with advanced farming techniques and connection to marketplaces, along with enabling of payment receiving through Airtel Payments Bank.
Mastercard and Airtel will also work to create solutions for small business of the country which will empower SMEs and MSEs which have limited access to finance, to make assisted payments and manage finances. Both entities will also work to create differentiated card solutions, for contact less payments for customers and merchants.
“We are glad to partner with Mastercard to develop innovative solutions as part of our endeavor to drive financial and digital inclusion in the country. Together, we aim to create products that will motivate customers to adapt formal banking behaviour and start opting for digital payments. These solutions will be an addition to our existing differentiated bouquet of easy, accessible and convenient banking and payment solutions to serve the underserved and unbanked population.”
Anubrata Biswas, MD and CEO, Airtel Payments Bank
Porush Singh, Division President, South Asia, Mastercard said, “Digital payments have the potential to bring a positive change to the lives of millions of Indians. Mastercard is delighted to extend the partnership with Airtel Payments Banks to build innovative digital payments solutions that will help farmers and small & medium businesses connect with the digital world. These solutions will enable them to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit. The partnership will also play an important role towards achieving Mastercard’s goal to empower India’s merchants with digital payments acceptance infrastructure by the end of this year.”