Payswiff, Mastercard Join Hands To Accelerate Acceptance Of Digital Payments In Tier-2, Tier 3 Cities

With the aim to speed up acceptance and adoption of digital payments, Mastercard and Payswiff Solutions have signed an alliance that will cut across non-traditional distribution channels to promote low-cost payments acceptance solutions beyond the top eight cities in the country.

Payswiff’s SET, a mobile application is at the core of this alliance. It allows individuals and business owners to accept payments using more than 60 payment options, including credit cards and debit cards, e-wallets, e-payment links, UPI, Bharat QR, multi-bank EMI, etc.

The application can be downloaded on Google Playstore as well on Apple’s App Store. It offers paperless merchant on boarding in less than 15 minutes on all Point of Sale (PoS) devices, according to a press release.

Mastercard will work with Payswiff on an Omni channel distribution strategy to provide the app, services and support in regional languages, especially in areas where Point-of-Sale (PoS) machines are not easily accessible.

Over 40 percent of Payswiff’s business comes from tier 2, 3 and 4 towns and cities. The Hyderabad-based, Payswiff plans to expand its services to over 3,000 locations in rural India, up from 1700 locations as of now, according to Priti Shah, Co-founder and Chief Executive Officer (CEO) of Payswiff.

Rajeev Kumar, Senior Vice-President, Market Development, South Asia, Mastercard said that the partnership will allow small merchants across India to experience the convenience, safety and security of digital payments.

Aided by the Government’s push towards Digital India, Mastercard recently announced an ambitious goal of bringing 10 million merchants into the fold of digital payments by 2020.