PURCHASE, N.Y.—Mastercard said it is partnering with fintech Razorpay to drive digital payments acceptance by small businesses and startups in India.
The partnership will empower Indian micro, small and medium enterprises (MSMEs) in digitizing their operations, maintaining business continuity in the challenging environment and preparing for the future beyond cash, Mastercard said.
Before the outbreak of COVID-19, around 90% of India's retail payments were conducted in cash, Business Standard said.
In recent months, the pandemic has accelerated the adoption of digital technologies and rapidly shifted how consumers prefer to shop and pay.
"We're going through one of the biggest transformations in Indian financial history—a fintech revolution 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," said Amitabh Tewary, chief innovation officer at Razorpay.
This partnership will help digital adoption and equip millions of businesses, especially in tier two and three cities, with industry-leading technologies that will help ensure business resilience, said Tewary.