MasterCard pushes India towards 'digital payments ecosystem'
MasterCard is encouraging India towards a 'digital payments ecosystem', partnering with the Confederation of All India Traders (CAIT) to roll out their Digital Rath campaign nationwide. Speaking at the launch, Union Information & Broadcasting Minister Smriti Irani highlighted the 103% increase in digital transactions in the last year. “Small merchants are the backbone of Indian economy & a less-cash society will bring more transparency. This initiative by Mastercard India & CAIT is commendable”, said Irani.

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Mastercard DigiRath Takes Off to Fulfill Government’s Digital India Dream

Mastercard DigiRath Takes Off to Fulfill Government’s Digital India Dream

The DigiRath will support the government’s target of powering 2500 crore digital transactions by March 2018 and bring more transparency and efficiency.

Mastercard (File Photo)

New Delhi, November 8: Mastercard India and the Confederation of All India Traders (CAIT) on Wednesday came together to revolutionise the digital payments ecosystem in India. This move is believed to encourage Indian consumers and merchants to pay and accept digital payments. Mastercard and CAIT on Wednesday marked Demonetisation’s anniversary by flagging of Digital Rath for a cashless India. Under the partnership, CAIT and Mastercard will organise workshops on electronic payments across five cities in India that include Lucknow, Kolkata, Pondicherry, Navi Mumbai & Bhopal.

Highlights Mastercard India and CAIT came together to revolutionise the digital payments ecosystem

It will encourage Indian consumers and merchants to pay and accept digital payment

Union Information & Broadcasting Minister Smriti Irani flagged off the Digital Rath from New Delhi today. The Minister said that debit card transactions have gone up by 103% in the last one year. “Our citizens & merchants have embraced digital transactions proactively; contributing to India’s development. “Small merchants are the backbone of Indian economy & a less-cash society will bring more transparency. This initiative by Mastercard India & CAIT is commendable”, she added.

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#MastercardDigiRath flags off in New Delhi; launches a movement that aims to reach merchants across Lucknow, Kolkata, Pondicherry, Navi Mumbai & Bhopal for a @cashlessbano India. @_digitalIndia @Mastercard @TEAMCAIT pic.twitter.com/VOFxSP0fiB — Mastercard India (@mastercardindia) November 8, 2017

While addressing #CashlessBano India conference, Irani said that in past one-year Mobile Transactions increased by 218% & Debit Card Transactions increased by 103%. Apart from this, UPI transactions surged from 3.8 mn in April’17 To 77 mn in October’17.

What is Mastercard DigiRath?

DigitalRath will motivate trading fraternity transforming from cash-based business formats to technology-led #DigitalPayments. #CashlessBano

The Digital Rath is going to be a PAN India campaign covering 20,000 kms addressing more than 10 lac people.

There will be 30 Digital Rath for #CashlessBano India campaign to promote Digital India.

The DigiRath aims to reach merchants across Lucknow, Kolkata, Pondicherry, Navi Mumbai & Bhopal for a cashless India.

The DigiRath will support the government’s target of powering 2500 crore digital transactions by March 2018 and bring more transparency and efficiency. In October, Masterccard launched its first innovation lab in India in Pune to work on new commerce, payment and technology ideas for the rapidly growing digital economy in the country. As per reports, Mastercard Labs in India is the company’s ninth lab in the world and the second in Asia Pacific (following Singapore). The lab will also support and work with start-ups developing next generation, breakthrough commerce solutions through Mastercard’s Start Path programme.

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