Payswiff, an omnichannel payment processing and tax-compliance solutions provider, on Tuesday signed a strategic alliance with Mastercard to speed up acceptance and adoption of digital payments in India.
The alliance will cut across non-traditional distribution channels to promote low-cost payments acceptance solutions beyond the top eight cities in the country, said Payswiff.
Payswiff's SET, a mobile application, 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 and multi-bank EMI.
Mastercard will work with Payswiff on an omnichannel 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.
The partners will also focus on innovation and addition of new functionalities such as asame-day' and a instant' merchant settlements. This will hugely benefit the micro merchants in small cities as they will be able to unlock additional revenue streams using embedded features in the app such as mobile recharges, utility bill payments, and bus ticketing.
"SET encourages individual business owners, small retail stores, cab drivers, quick service restaurants and several other businesses to accept digital payments. We are excited to partner with Mastercard to bring these people to the formal economy and pave new avenues for their growth," said Priti Shah, Co-founder and CEO, Payswiff Solutions Pvt. Ltd.
"Merchants and small business owners are a vital part of India's cash-to-digital journey. Mastercard aims to empower merchants across the country, especially in small towns and villages, with digital payments acceptance infrastructure. Mastercard's partnership with Payswiff is a vital step in this journey," said Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard.