Priti Shah, Co-founder & CEO, Payswiff Solutions

Omnichannel payment processing and tax compliant solutions provider, Payswiff has entered into a partnership with Mastercard with an aim to speed up digital payments acceptance and adoption in India. The partnership aims to facilitate low-cost payments acceptance solutions through non-traditional distribution channels.

Central to this alliance is Payswiff’s SET, a mobile application that allows payment acceptance using more than 60 payment options including credit cards, debit cards, UPI, multi-bank EMI etc. The application also provides paperless merchant onboarding on all Point-of-Sale devices.

Priti Shah, Co-founder & CEO, Payswiff Solutions commented on the partnership, “At Payswiff, our continuous endeavour is to make payment transactions simple by developing innovative and user-friendly solutions to address industry pain points. SET is another attempt to fulfil this objective. It encourages individual business owners, small retail stores, cab drivers, quick service restaurants and several other businesses to accept digital payments. We are excited to partner with Mastercard to bring these people to the formal economy and pave new avenues for their growth.”

According to the supplier, the partnership focuses on bringing about an omnichannel distribution strategy to provide access to the app, services and support in remote areas. Therefore, benefiting micro merchants in tier 2, 3 or 4 cities from additional revenue streams.

Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard said, “Merchants and small business owners are a vital part of India’s cash-to-digital journey. Mastercard aims to empower merchants across the country, especially in small towns and villages, with digital payments acceptance infrastructure. Mastercard’s partnership with Payswiff is a vital step in this journey. It will allow millions of small merchants across the country to experience the convenience, safety and security of digital payments and bring about a behavioural shift in society.”

Mastercard has announced its goal of bringing 10 million merchants into digital payments by 2020, as a part of the Indian Government’s Digital India initiative.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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