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Mastercard declares support of INR 250 Crores to Small Businesses suffered from COVID

New Delhi. MasterCard, the world”s one of the largest digital payment & technology Company has committed a huge amount of INR 250 crores ($33 million) to help reboot Indian SMEs and enable business recovery from the hardest hit of COVID-19 pandemic which has disturb the cash-economy and supply chain for India’s small and medium businesses. These new initiatives build on Mastercard’s multi-year partnership with the Confederation of All India Traders (CAIT) to grow digital payments awareness and support merchant on-boarding for digital commerce will help to large extent the Indian traders to overcome from the set back due to COVID-19. Through this joint initiative of CAIT & MasterCard, the financial assistance will be provided to traders across Country.

Last year, the Mastercard in association with CAIT launched the multi-city Team Cashless India campaign with a goal to equip 1 crore (10 million) merchants in India with digital payments acceptance capabilities. It leveraged the popularity of its brand ambassador, former captain of the Indian cricket team M S Dhoni, to educate merchants and consumers on the benefits of digital payments.

As a part of its commitment of Rs.250 cr, the Mastercard in partnership with CAIT will roll out multiple initiatives to drive inclusive growth by enabling small merchants and Kirana stores with access to credit  for their businesses, knowledge and tools that will drive operational efficiencies and also empower women entrepreneurs by increasing their business acumen, help small businesses by growing digital payments awareness and providing low-cost acceptance and solutions in both online and offline business that are simple, safe and secure.

Mr. Porush Singh, Division President, South Asia, Mastercard will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses which will leverage India’s small businesses and entrepreneurs to gain increased access to credit and build operational efficiencies through improved customer and inventory management, employee engagement and regulatory compliance. He further said that MasterCard offers the highest levels of safety and security leveraging its technology, furthering trust and enabling faster adoption of technology. Global analyses indicate that SMEs can see their revenues increase by up to one-third with such technology adoption-added Mr. Singh.

Mr. Praveen Khandelwal, National Secretary General of CAIT said, “During the extended nationwide lockdown, more than 90 percent of SMEs were closed for business. To adjust to the changing scenario, small brick-and-mortar shop owners are rushing to take their companies online. To help these enterprises resume operations, we are pleased to partner with Mastercard in their efforts to support merchants with quick and easy ways to move their businesses online, facilitate much-needed access to credit, and address shifts in consumer buying behaviour towards digital contactless payments over cash