Industry

Coronavirus | Mastercard commits ₹250 crore for SME related initiative

Mastercard has committed an investment of ₹250 crore ($33 million) to help Indian Small & Medium Enterprises (SMEs) which have been hit hard due to their dependence on the cash-economy and disruption of supply chain during the lockdown. The objective is to help them reboot and in business recovery.

As part of this commitment, Mastercard will roll out multiple initiatives to help small businesses by growing digital payments awareness and providing low-cost acceptance solutions, online and offline that are simple, safe and secure; drive inclusive growth by enabling small merchants and kirana stores with access to credit, knowledge and tools that will drive operational efficiencies; and empower women entrepreneurs by increasing their business acumen.

This is an extension of Mastercard’s expanded worldwide commitment to financial inclusion which pledges to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025.

“Small businesses are the foundation of India’s economy, contributing nearly 35% of the GDP. Mastercard will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses. As a result of these initiatives, India’s small businesses and entrepreneurs will gain increased access to credit and build operational efficiencies through improved customer and inventory management, employee engagement and regulatory compliance,” said Porush Singh, Division president, South Asia, Mastercard.

“We offer the highest levels of safety and security leveraging our 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,” he added.

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Printable version | Aug 9, 2020 5:19:14 PM | https://www.thehindu.com/business/Industry/coronavirus-mastercard-commits-250-crore-for-sme-related-initiative/article32032396.ece

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