MyTaxiIndia partners Mastercard for mobile payments

Outstation taxi booking aggregator MyTaxiIndia (MTI) today said it has partnered with Mastercard to facilitate quick mobile payments for customers through a secure quick response mobile payments solution.
The collaboration comes amid the government's all out efforts to make a large part of the domestic economy cashless.
"MTI's move to integrate digital payments (Masterpass QR) with a global brand such as Mastercard seems to align well with their plans to strengthen their presence across Tier I and Tier II cities, besides expanding their business operations.
"We are also committed to ensuring easy and hassle free consumer experiences and we believe this partnership will be an apt step in that direction," MTI Co-Founder and Chief Operating Officer Mohit Rajpal said in a release.

This partnership will support the government's vision of a less-cash society, while working to ensure maximum inclusion in digital adoption, the release said.
With the number of total transactions using mobile payment gateways expected to hit 153 billion by financial year 2022, dependence on cash as a payment option seems to be declining as more and more people adopt mobile payments, it added.

Masterpass QR's low cost and easy-to-deploy technology is designed to ensure a wider reach for digital payments by expanding the acceptance infrastructure.
"The digital payment industry is fast transforming and continuously evolving in India. Our focus is to innovate new, safe and secure technologies that bring the benefits of electronic payments to even more merchants, banks and consumers," Mastercard Senior Vice President for Marketing for South Asia Murali Nair said.

"With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and make decisive steps toward realising the dream of Digital India," he added.