Explorer

Mastercard, Mswipe tie-up to strengthen digital payment acceptance in India

New Delhi [India], Nov 21 (ANI): Committed to make India a cashless economy and enhance digital acceptance, Mastercard on Tuesday announced its tie-up with technology company Mswipe to launch Asia's first digital merchant on boarding solution.

The platform will help increase the acceptance footprint exponentially in India by 2020, as at present, India has around 2.9 million PoS terminals with over 60 million merchants.

This unique solution to digitally validate and authenticate KYC documents has been developed by Bangalore-based start-up Signzy. Currently, KYC is entrenched in the offline mode where physical documents are collated and submitted for completion, which takes at least three days.

"Through this collaboration, our focus is to deliver convenient, safe and secure technologies for merchants to accept electronic payments that will boost acceptance infrastructure in the country," said division president, South Asia, Mastercard, Porush Singh.

"Mswipe's objective is to digitize not only payments but all other business processes around payments. While almost every other element of the merchant acceptance business has gone digital, KYC authentication remains a big hurdle and leads to inefficient and sub-optimal merchant on-boarding experience," said CEO Mswipe, Manish Patel.

Adding to this, Manish added that the new solution, developed in partnership with Signzy and Mastercard, will become Asia's first merchant acquirer to offer a digital on boarding platform with real time KYC.

"The solution is in line with Prime Minister Narendra Modi's vision for Digital India," added Patel.

"Through this collaboration, we hope to create a convenient yet safe digital infrastructure that ensures business innovation," added co-founder Signzy, Arpit Ratan.

Mastercard's recent efforts in India have been towards providing full ecosystem and cash management tools to the SME segment, to encourage them to go cashless.

Its partnership with CAIT (Confederation of All India Traders), drove a campaign with 63 million merchants and traders to create much greater awareness of benefits of electronic payments within the merchant community.

Mswipe currently has a payment network of 2.8 lakh terminals spread across over 644 cities. As much as 80 percent of Mswipe's customer base comprises SME merchants, typically supported by 1-30 employees.

It has integrated the solution with its field-force automation app F2A2, named on the lines of the iconic R2D2 robot from Star Wars, to enable its 2,000-strong sales team to digitally capture merchant profile information, KYC documents, and authenticate them in real time against 40+ different government databases. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'System Ki Dhajjiyan Uda Rahen Hain': Hardeep Puri Jabs Kejriwal At ABP Shikhar Sammelan 2024
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Advertisement
for smartphones
and tablets

Videos

Hot News: Jay Bhanushali Wear's Wife Mahi's Pink Maxi, Daughter Gets EntertainedHot News: Shivani Joshi's Special Birthday Post For Kushal Tandon Is A Testament To True FriendshipMukhtar Ansari's Death: Post-Mortem Conducted In Banda, VideotapedABP Shikhar Sammelan 2024: Anurag Thakur Stresses That No Election Comes Without Challenges

Photogallery

Embed widget