MasterCard to tap MSME, small traders on digital payments

Global time payment processing firm MasterCard today said micro, small and medium enterprises need to go for online payments which currently account for just four per cent of total transactions in the country.

"Of the total transactions made in the country, 96 per cent are done through cash transactions. The remaining four per cent is done through digital medium..", MasterCard, Group Head, Senior Vice President, Global Policy Affairs and Community Relations, Ravinder S Aurora told reporters.

He said micro merchants comprising kirana stores, small retail shops having 2-5 employees comprise of about 10 crore in the country.

"This sector plays a significant role in overall retail industry as it is growing at a rate of 11.5 per cent," he said.

MasterCard in association with the Confederation of All India Traders (CAIT) has trained over 50,000 traders across the country under the digital campaign exercise, he added.

He said the company operates in 210 countries with transactions in 150 currencies.

To a query, he said, the company was in talks with Central and State government agencies, and had also signed a Memorandum of understanding with State of Gujarat to bring in digital payments for traders.