: Mastercard commits Rs 250 cr to support SMEs in India hit by COVID19: CAIT #FinanceIndia #StockMarketNEWS Mastercard commits Rs 250 cr to support SMEs in India hit by COVID-19: CAIT New Delhi, July

@StockMarketNEWS Sun 02 Aug, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Mastercard commits Rs 250 cr to support SMEs in India hit by COVID19: CAIT #FinanceIndia #StockMarketNEWS
Mastercard commits Rs 250 cr to support SMEs in India hit by COVID-19: CAIT New Delhi, July 29 (KNN) MasterCard, the worlds one of the largest digital payment & technology Company has committed Rs 250 crores ( million) to help reboot Indian Small and Medium Enterprises (SMEs) and enable business recovery from the hardest hit of COVID-19 pandemic, said Confederation of All India Traders (CAIT).

These new initiatives build on Mastercard’s multi-year partnership with the CAIT to grow digital payments awareness and support merchant on-boarding for digital commerce will help to large extent the Indian traders to overcome the set-back due to COVID-19.

Through this joint initiative of CAIT & MasterCard, the financial assistance will be provided to traders across the country, the CAIT added.

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.

It will 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, the traders body added.

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.

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, Singh added.

“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, said Praveen Khandelwal, National Secretary General of CAIT.