India-based Airtel Payments Bank (APP) has partnered with Mastercard to develop products catering to customers across the underbanked spectrum including farmers, SMEs, and retail customers.
As part of the Government’s vision of Digital India and Banking for every Indian, both entities have been working towards driving adoption of formal banking and digital payments in the country. The collaboration will bring together Mastercard’s experience in developing financial solutions and APBL’s distribution network to reach a large customer base.
The collaboration aims at building a digital platform which provides farmers with knowledge about advanced farming techniques and connection to marketplaces, while enabling them to receive payments directly in their APBL account. Combined with 500.000 banking points of the bank, the platform will provide farmers with access to neighbourhood banking, earnings stability, and income growth, as Express Computer relates.
Moreover, APBL and Mastercard will work together to create differentiated card solutions, including solutions for contactless payments via NFC for customers and merchants.
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