US-based company Mastercard and India-based financial technology firm (fintech) Razorpay recently partnered to increase access to mobile payments for small and medium-sized enterprises (SMEs) in India. The partnership will combine “Razorpay’s payment processing capabilities with Mastercard’s trusted and secure digital banking solutions and card services” to assist Indian firms in the transition from cash to digital payments.
The Chief Innovation Officer of Razorpay, Amitabh Tewary, explained that the new agreement involves “furthering digital adoption and equipping millions of businesses, especially in Tier 2 and 3 cities, with industry-leading technologies that will help ensure business resilience. One of the initiatives that we will be working on jointly is to make recurring payments more accessible to businesses and consumers by creating seamless onboarding solutions for bill payments, digital content platforms and other subscription services.”
Founded in 2014, India-based financial company Razorpay allows “merchants, schools, ecommerce and other companies to accept and disburse payments online, own a fully functional current account and avail working capital loans.” Financial information on Razorpay has not been disclosed.
Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of October 2020, Mastercard reported net quarterly income of USD 1.5 billion on total assets of USD 32 billion.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Mastercard press release
https://newsroom.mastercard.com/asia-pacific/press-releases/mastercard-and-razorpay-join-hands-to-make-digital-payments-more-accessible-for-msmes-and-startups/
Razorpay homepage
https://razorpay.com/
Mastercard financials
https://s25.q4cdn.com/479285134/files/doc_financials/2020/q3/3Q20-Earnings-Release.pdf
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