SMEs' dependence on the cash-economy and supply chain disruptions have made India’s small and medium businesses among the hardest hit from the Covid-19 pandemic.
To address these challenges, Mastercard will roll out initiatives to improve digital payments awareness among small businesses. It will provide low-cost online and offline acceptance solutions that are simple, safe and secure.
Porush Singh, Division President, South Asia, Mastercard, said, “Small businesses are the foundation of India’s economy, contributing nearly 35 per cent of the GDP. Mastercard will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses."
It will drive inclusive growth by enabling small merchants and kirana stores with access to credit, knowledge and tools that will drive operational efficiencies. The initiative will also empower women entrepreneurs by increasing their business acumen, he added.
This is an extension of Mastercard’s expanded worldwide commitment to financial inclusion, which pledges to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025. In April this year, the company also pledged $250 million to support small businesses globally.
 "Visa, Mastercard and American Express miss RBI's data localisation deadline")