Mastercard in collaboration with Confederation of All India Traders (CAIT) has announced a 90-day campaign to accelerate the adoption of digital payments amongst merchants to grow their businesses in India. Under the 'Digital Apnao Vyapar Badhao' campaign, the duo will organize 500 camps across 30 cities over 90 days to enable 5 lakh merchants and traders to get on-board digital platform. The first of the 500 camps will be launched in Nagpur today.
The one of its kind campaign to bring financial institutions and payment facilitators under one roof will follow a three step process of completing KYC documents; opening merchant accounts and helping them expand their business reach by adopting the right digital payment solution as per their requirement. The duo will help the traders and merchants install the PoS terminals with the help of available technological methods such as QR codes, mobile app, PoS machines, etc. and will offer guidance through the process of digitization.
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Ravi Aurora, Senior Vice President, Global Policy Affairs and Community Relations introduced the campaign to the reporters and said, "We share the government's vision of creating a less cash economy and bringing more people under the ambit of financial inclusion. The campaign is in line with our commitment to create awareness about the benefits of less-cash economy and the opportunity that new payments technology can bring to the untapped SME sector."
Praveen Khandelwal, Secretary General, CAIT was also present at the event and highlighted that the campaign will ensure that traders and merchants have access to the right information and solutions as they embark on the digital payments journey to be future ready and grow their business.
As noted, the campaign is in continuation to Mastercard and CAIT's collaboration to promote financial awareness amongst traders through educational training sessions 'Master Your Card'.
Mastercard and CAIT also talked on the present situation in the country post Government of India's demonetization move. The duo said that they support the government's move to curb black money and will provide the required technical support to boost digital payments in the country.
Both are holding talks with government to incentivise the use of digital payments in the country as it can further accelerate the adoption by many folds for the larger benefit.