The partnership combines Razorpay’s payment processing capabilities with Mastercard’s trusted and secure digital banking solutions and card services
Mastercard, Razorpay partner to enhance digital payments in India. (Credit: Free stock photos from www.rupixen.com from Pixabay)
Mastercard and Razorpay have entered into a strategic partnership to drive digital payments acceptance by small businesses and start-ups in India.
The partnership combines Razorpay’s payment processing capabilities with Mastercard’s trusted and secure digital banking solutions and card services.
Mastercard South Asia market development senior vice president Rajeev Kumar K said: “Mastercard is excited to extend its partnership with Razorpay, India’s youngest unicorn, on a strategic level.
“Mastercard aims to make merchants across India digitally equipped and welcomes the fresh thoughts and technology that Razorpay will bring to help achieve this goal.
“Mastercard is committed to developing safe, secure and more convenient ways to make payments with its technology and expertise and is confident this partnership will deliver that and more.”
The partnership will support micro, small and medium enterprises (MSMEs) in India, to digitise their operations, maintain business continuity in the challenging environment and prepare for the future.
Mastercard said that around 90% of India’s retail payments were used to conduct in cash before the outbreak of Covid-19. The pandemic has advanced the adoption of digital technologies.
The pandemic has created an opportunity to unite merchants, consumers, acquirers and fintech companies in expanding the adoption of digital payments in India.
Also, SMEs and start-ups are required to establish a digital footprint to create their customer base and offer secure, convenient and touch-free transactions, said Mastercard.
Under the new partnership, Mastercard and Razorpay are intended to work together on addressing the needs of MSMEs.
Razorpay chief innovation officer Amitabh Tewary said: “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.”
“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.
“I’m looking forward to the advancements that our partnership will continue to make in the digital payments space.”