Mastercard collaborates Razorpay for small business

Worldwide payment solutions giant Mastercard on Tuesday said it has collaborated with fintech player Razorpay to drive digital payments acceptance by small businesses and start-ups in the nation.

The association will engage Indian MSMEs in digitizing their tasks, keeping up business continuity in the tough situation and getting ready for the future beyond cash, Mastercard said in a release.

Mastercard said before the outbreak of COVID-19, around 90% of India’s retail payments were conducted in cash. In last few months, the pandemic has accelerated the adoption of digital technologies and quickly moved how consumers like to shop and pay.

This presents a big opportunity to join merchant, buyers, acquirers and fintech organizations in growing the selection of digital payments in India, it said.

Amitabh Tewary, Chief Innovation Officer, Razorpay said, “We’re experiencing probably the greatest transformation in Indian financial history the Fintech Revolution that will altogether adjust the payments and banking experience of consumers and organizations now and in the years to come”.