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 neighbourhood 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
will work together to create differentiated card solutions, including solutions for contactless payments via NFC (Near Field Communication) for customers and merchants.
Anubrata Biswas, MD, and CEO, Airtel Payments Bank
said "..we aim to create products that will motivate customers to adopt formal banking behaviour and start opting for digital payments. These solutions will be an addition to our existing differentiated bouquet of easy, accessible and convenient banking and payment solutions to serve the underserved and unbanked population."
Porush Singh, Division President, South Asia, Mastercard
said, "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. The partnership will also play an important role in achieving Mastercard's goal to empower India's merchants with digital payments acceptance infrastructure by the end of this year.
Airtel Payments Bank
has been working with Mastercard for the last three years to offer Mastercard powered debit cards to its savings bank account customers in the country.