Mobile Commerce

MasterCard Signs Agreement With India To Accelerate Mobile Payments

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MasterCard, which already partners with many governments in over 44 countries across four continents, announced that it has just added the Gujarat government of India to its list. According to a company release, it has signed Memorandum of Understanding (MOU) with the State Government of Gujarat to fuel the adoption of electronic payments processes involving businesses, governments, and the transit and tourism industries.

“This MOU represents a joint effort to drive innovation and development of electronic payments in Gujarat, in line with the State Government’s goal to make Gujarat the first digital payments state in India,” said Ari Sarker, Division President, South Asia & Country Corporate Officer, India at MasterCard, in the release. “MasterCard will leverage its global expertise to deliver new innovations and the right payment systems, and we are looking forward to seeing fruitful results from this collaboration.”

MasterCard plans to work closely with the Gujarat government to improve strategies in many areas, including procurement payment processes. The company will digitize and streamline these processes and develop a mobile-based solution for transferring government benefits to beneficiaries.

In addition, the MOU will benefit the MSME (micro, small and medium enterprises) sector with the added security and efficiency that the collaboration brings, says MasterCard.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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