Mastercard launches initiative to promote digital payments in India

MastercardMastercard has tied up with Indian Cricketer Mahendra Singh Dhoni to launch a nationwide initiative to accelerate the acceptance and adoption of digital payments in India. The initiative dubbed as ‘Team Cashless India‘ aims to bring consumers and merchants to the “forefront of the digital payments dialogue”.

The campaign will encourage Indian citizens to nominate one or more merchants who currently do not accept digital payments to go digital. Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and fintech companies to support nominated merchants to deploy digital payments acceptance infrastructure.

To take part in ‘Team Cashless India’, anyone can either nominate merchants online or give a missed call to 9016861000. Mastercard will also conduct an outreach program across multiple cities to educate merchants on the benefits of accepting digital payments and to provide a platform for consumers to nominate merchants.

These nominations are expected to create a social movement for making India a cashless society, the company said. To garner support for the movement, M.S. Dhoni will interact with merchants and encourage them to ‘bat’ for a cashless India by accepting digital payments. Mastercard will provide select nominated merchants and consumers with a chance to join Mahendra Singh Dhoni’s Team Cashless India.

For the initiative, CAIT will provide the necessary scale and reach via on-the-ground outreach to merchants. Partner banks and payment facilitators will work with merchants to install digital payments infrastructure at points of sale.

India government has been actively promoting digital payments and has taken several initiatives for the promotion of a less-cash economy. Digital payments benefit small merchants in several ways, such as lower cost of managing cash, safety and security of money and credit history that opens avenues for more business.

In line with the government’s vision, ‘Team Cashless India’ is an important step towards Mastercard’s goal to equip 10 million merchants in India with digital payments acceptance capabilities by 2020, the company said in a statement.

Related Posts