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. Its 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 POS machines are not easily accessible.
The partners will also focus on innovation and on adding new functionalities such as same-day settlements. This will benefit the micro merchants in small cities as they will be able to unlock additional revenue streams using embedded features in the app.
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