{"id":490718,"date":"2021-02-16T07:00:08","date_gmt":"2021-02-16T07:00:08","guid":{"rendered":"https:\/\/ibsintelligence.com\/?p=490718"},"modified":"2021-09-21T12:06:02","modified_gmt":"2021-09-21T12:06:02","slug":"mastercard-and-razorpay-to-empower-msmes-to-use-digital-payments","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/mastercard-and-razorpay-to-empower-msmes-to-use-digital-payments\/","title":{"rendered":"Mastercard and Razorpay to empower MSMEs to use digital payments"},"content":{"rendered":"<p><a href=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-126692 alignright\" src=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard.jpg\" alt=\"Mastercard, Razorpay, digital, payments, MSME, startups, India\" width=\"175\" height=\"175\" srcset=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard.jpg 212w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard-150x150.jpg 150w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard-100x100.jpg 100w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard-60x60.jpg 60w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2019\/12\/mastercard-90x90.jpg 90w\" sizes=\"auto, (max-width: 175px) 100vw, 175px\" \/><\/a>To drive digital payments acceptance by small businesses and startups in India, global payments technology <a href=\"https:\/\/ibsintelligence.com\/ibsi-news\/mastercard-love-index-sees-spending-increase-this-valentines-day\/\">company<\/a> Mastercard and <a href=\"https:\/\/razorpay.com\/\">Bangalore-based Razorpa<\/a>y have launched a strategic partnership that combines Razorpay\u2019s payment processing capabilities with Mastercard\u2019s digital banking solutions and card services.<\/p>\n<p>The partnership will empower Indian micro, small and medium enterprises (MSMEs) in digitising their operations, maintaining business continuity and preparing for the future beyond cash.<\/p>\n<p>Before the outbreak of COVID-19, a majority\u00a0of India\u2019s retail payments was 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.<\/p>\n<p>Presently, SMEs and startups require the establishment of a digital footprint to build their customer base and meet the demand for secure, convenient and touch-free transactions. With their partnership, Mastercard and Razorpay will work together to cater to the needs of MSMEs.<\/p>\n<p>\u201cWe\u2019re going through one of the biggest transformations in Indian financial history \u2013 the FinTech Revolution \u2013 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,\u201d said Amitabh Tewary, Chief Innovation Officer, Razorpay.<\/p>\n<p>\u201cOne 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\u2019m looking forward to the advancements that our partnership will continue to make in the digital payments space.\u201d<\/p>\n<p>Mastercard will continue to enable the ease of payments for merchants and payment aggregators to help them grow their businesses.<\/p>\n<p>\u201cMastercard is excited to extend its partnership with Razorpay, India\u2019s youngest unicorn, on a strategic level,\u201d said Rajeev Kumar K, Senior Vice President, Market Development, South Asia, Mastercard. \u201cMastercard 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.\u201d<\/p>\n","protected":false},"author":13,"featured_media":126692,"parent":0,"template":"","categories":[11376,11384],"tags":[11404,11727],"class_list":["post-490718","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-digital-banking","category-payments","tag-india","tag-mastercard"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mastercard and Razorpay to empower MSMEs to use digital payments<\/title>\n<meta name=\"description\" content=\"To drive digital payments acceptance by small businesses in India, Mastercard and Razorpay have launched a strategic partnership.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/mastercard-and-razorpay-to-empower-msmes-to-use-digital-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mastercard and Razorpay to empower MSMEs to use digital payments\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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