Airtel Payments Bank and Mastercard to Develop Customized Financial Products for Farmers and SMEs in India
News Desk, News Nation 360 : Airtel Payments Bank (APBL), India’s first Payments Bank, has partnered with Mastercard, leading technology company in the global payments industry, to develop customized products catering to customers across the underbanked spectrum including farmers, small and medium enterprises and retail customers. 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 Anubrata Biswas, MD and CEO, Airtel Payments Bank said that they are glad to partner with Mastercard to develop innovative solutions as part of their endeavour to drive financial and digital inclusion in the country. Together, they 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 their existing differentiated bouquet of easy, accessible and convenient banking and payment solutions to serve the underserved and unbanked population. 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. 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.
Report : Anustup Kundu