Aim to deepen
penetration of financial services in underbanked and unbanked regions
Will also develop a wide
range of retail products to accelerate adoption of digital payments after the
COVID19 lockdown is over
Airtel Payments Bank (APBL), India
As part of the Government’s
vision of Digital India and Banking for every Indian, both entities have been
working towards driving adoption of formal banking and digital payments in the
country. The collaboration will bring together Mastercard’s global and local
experience in developing advanced financial solutions and Airtel Payments
Bank’s strong distribution network to reach the last mile and its large
customer base.
The collaboration aims at
building a digital platform which provides farmers with knowledge about
advanced farming techniques and connection to marketplaces, while
simultaneously enabling them to receive payments directly in their Airtel
Payments Bank account. Combined with 500,000 banking points of Airtel Payments
Bank, the platform will provide farmers with access to neighborhood banking,
earnings stability and income growth. This will be a significant move towards
building a cashless economy.
Both partners will also
work together to create customized solutions for millions of small businesses
across the country. These solutions will empower small and medium scale
enterprises, who have limited access to finance, to make assisted payments,
manage their financial & transactional processes, and also avail working
capital in these times of crisis.
Finally, Airtel Payments
Bank and Mastercard will work together to create differentiated card solutions,
including solutions for contact less payments via NFC (Near Field
Communication) for customers and merchants.
Airtel Payments Bank has
been working with Mastercard for last 3 years to offer Mastercard powered debit
cards to its savings bank account customers in the country.
New Delhi, May 26, 2020
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