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Payswiff ties up with Mastercard for tier-III, III cities

Press Trust of India  |  Hyderabad 

Payment solution provider Payswiff Tuesday said it has signed a strategic alliance with Mastercard to promote low-cost payments acceptance solutions to tier-II and III cities in the country.

Mastercard will work with Payswiff on an Omnichannel distribution strategy to provide the app -Payswiff SET, services and support in regional languages, especially in areas where Point-of-Sale (PoS) machines are not easily accessible, a release from the company said.

Both the parties will also focus on innovation and addition of new functionalities such as same-day and instant merchant settlements.

This will benefit the micro merchants in small cities as they will be able to unlock additional revenue streams using embedded features in the app such as mobile recharges, utility bill payments,and bus ticketing among others, the release said.

Over 40 percent of Payswiffs business comes from tier 2, 3 and 4 towns and cities and the company plans to expand its services to over 3,000 locations in rural India, up from 1,700 locations as of now.

Mastercard Senior vice-president, Market Development, South Asia, Rajeev Kumar said, merchants and small business owners were a vital part of Indias cash-to-digital journey.

Mastercard aims to empower merchants across the country, especially in small towns and villages, with digital payments acceptance infrastructure. Mastercards 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, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 18:55 IST