Global payments giant Mastercard is planning to empower 10 million merchants across India with digital payments acceptance competence by 2020.
At present, nearly five million merchants across the country are outfitted to accept e-payments, said the company.
“Merchants are an important element of India’s digital economy,” said Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard.
According to the company, the commitment is to raise the acceptance of digital payments among merchants which primarily requires three critical things – education and awareness, development of low-cost acceptance solutions, and merchant onboarding via accelerator programmes.
The company said it joining hands with the fintech companies, payments facilitators, industry bodies, acquirers and regulators for serving the purpose.
In collaboration with various lenders, the company is also working to extend the acceptance network, said Mastercard.
It said that its partnership with RBL Bank has added more than 500,000 merchant acceptance or Point-of-Sale (PoS) locations, since demonetisation in November 2016.