The partnership aims to assist Indian micro, small, and medium enterprises in digitising their operations, maintaining business continuity in the challenging environment, and preparing for the future beyond cash.
According to the press release, before the outbreak of COVID-19, around 90% of India’s retail payments were conducted in cash. The pandemic has accelerated the adoption of digital technologies and shifted how consumers prefer to shop and pay, prompting Mastercard and Razorpay to work together to cater to the needs of MSMEs.
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