SMEs payment: Airtel ties up with Mastercard

Web desk 27/05/2020

KOCHI: Airtel Payments Bank has partnered with Mastercard to build customised solutions for payments for farmers and SMEs. The companies aim to cater to underbanked spectrum of users and enable digital adoption via the partnership.
“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,” according to a company said in a statement.
Airtel Payments Bank currently hosts 4 crore customers across 5 lakh banking points.
“These solutions will enable them to access a larger market base, receive payments easily into their bank accounts, safeguard their money against risks associated with cash and get easy access to credit,” Porush Singh, Division President, South Asia, Mastercard said.

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. NFC payment works when users pay with their smartphones in lieu of credit cards simply by waving their phone in front of a terminal.