Skip to main content

Mastercard and South Indian Bank launch ‘Merchant in a Box’ bundled payments solution for merchants

In a bid to reach out and empower 70 million merchants across India, Mastercard in association with South Indian Bank claimed to launch ‘Merchant in a Box’ solution. A ready-to-use bundled tool kit, ‘Merchant in a Box’ is designed to ease payment acceptance amongst merchants and Small and Medium Enterprises (SMEs). Being the first of its kind offering in India, this product provides customers with a payment cum acceptance solution in the form of Mastercard business debit card and Bharat QR respectively. 

Conceptualized and designed by Mastercard, the unique ready-to-use ‘card accepting’ tool kit allows South Indian Bank to address the needs of its merchant base. This bundled solution seamlessly enables both bank and its merchants to instantly access the bank account, Mastercard business debit card and accept digital payments. It allows the bank to provide an instant solution to its SME customers wherein they can not only make payments in a safe, quick and easy way, but also can start accepting electronic payments instantaneously.

Some of the key features of the product are:

·         For the first time, an integrated product combines two offerings from Mastercard: Acceptance (Bharat QR) & Issuance (business debit card)

·         With this unique, ‘over-the-counter’ product – South Indian Bank can provide a quick payment solution to its customers across India

Sanchay Sinha, Country Head (Retail Banking), South Indian Bank said, “Merchant in a Box is a unique digital proposition for South Indian Bank’s Premium Current Account customers. We are glad to partner with Mastercard to provide this one-stop solution to our customers which will enable them to experience the convenience of digital payments. We are confident that this will help us connect to a larger merchant base as acceptance through Bharat QR eliminates the hassle of maintaining a charge slip or having a network connection, etc.”

Commenting on the launch, Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard said, “Mastercard has always aimed to address the needs of the merchant community and increase the acceptance of digital payments amongst them. Merchants and SMEs form a large base of the Indian ecosystem and we believe that ‘Merchant in a Box’ solution will assist them in their digital payments journey and address all their requirements. We are sure that this product will go a long way in strengthening the Digital India vision and build a financially inclusive society.”

“At Mastercard we are constantly working with our partners like South Indian Bank to bring down the cost of digital acceptance and enhance speed of deployment. This is a good example of how we have achieved both these parameters with Merchant in a Box. We would like to thank South Indian Bank for collaborating with Mastercard on this initiative,” he further added.

 ‘Merchant in a Box’ solution enables SMEs to make payments to over 3 million merchants in India and 40 million merchants globally using Mastercard business debit card.

Comments

Popular posts from this blog

Cloud Computing powering India’s priority of ‘Digital-first country’

By: Sunil Mahale, India MD and VP, Nutanix
Digital transformation has been recognized as being vital to the growth of our nation. This transformation has enjoyed the unanimous approval and contribution from all stake holders including enterprises, MSMEs, government bodies and citizens. But this level of adoption in a country with a population of over a billion people would need a robust technology base that is capable to collecting and distributing vital data seamlessly.
Digital India envisions creating high speed digital highways, that will impact commerce and create a digital footprint for every individual. Technologies based on mobility, analytics, Internet of things and most importantly, cloud technologies are the building blocks for the digital India missionThere is a growing need to manage huge volumes of data, and making them readily available to public through digital cloud services. Cloud has a pivotal role in enabling this change.
While Data centers have become crucial to th…

RevStart launches its RevItUp Incubation Programme

Underlining its vision of creating a nurturing ecosystem for start-ups to grow in, RevStart, a co-working and incubation centre, has announced the launch of its RevItUp Incubation Programme. The 12-week long programme will be held at RevStart Incubation Centre in Noida from July 1, 2018 onwards. As part of the programme, RevStart will select five high potential start-ups from the ed-tech sector, AI, Consumer Internet, Sustainability, as well as for-profit social impact companies to assist them with developing their business, along with connecting them to global mentors across industries and sectors. In addition, start-ups selected for the programme will receive INR 5 lakh to Rs. 25 lakhs worth of cash and benefits, while RevStart will get an equity stake in the ventures.
The RevItUp Incubation Programme has been created to enhance the founding team’s industry, product, and company building knowledge and capabilities through a world-class curriculum. The programme will focus on tailor…

Insurtech startup Kruzr raises $1.3 Million from Saama Capital and Better Capital

InsurTech startup Kruzr has raised 1.3 Million USD (Rs. 9.5 Cr) for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies los…