Mastercard and the state government of Andhra Pradesh, India have inked a memorandum of understanding (MoU) to make the state a cashless society and to elevate its foothold as a smart city.
The MoU is signed for a two-year period and aims at creating ‘Fintech Valley’, which enables safe and secure digital payment solutions across the state.
The collaboration will allow Mastercard and the AP government to focus on smart transit solutions with advanced digital payment modes and transparent pricing for farmers via safer and simpler pricing mechanisms. It would also increase digital literacy and expertise.
Mastercard president and CEO Ajay Banga said: “Around the world, Mastercard has partnered with governments to unleash the power and potential of digital transformation. We can do this (the partnership) by empowering small farmers to access new markets and financial services through a digital marketplace created in India by our new Mastercard Labs.
“We can build on six transit programs in India with interoperable open platform which means ease and accessibility for people in using more than one mode of transit helping make cities more efficient.”