Mastercard has collaborated with South Indian Bank to launch an integrated card accepting kit for merchants and small and medium enterprises (SMEs) across the country.
Intended to facilitate easy acceptance, the ready-to-use ‘Merchant in a Box’ kit has been designed by Mastercard and comprises a branded business debit card along with Bharat QR service.
The card accepting kit offers instant access to bank account, the Mastercard debit card and enables acceptance of digital payments.
South Indian Bank expects the kit to provide an instant acceptance solution to its SME customers.
South Indian Bank country head Sanchay Sinha said: “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.”
SMEs can use the Mastercard business debit card from the tool kit to pay more than three million domestic and 40 million international merchants.
Mastercard senior vice-president of market development for South Asia Rajeev Kumar said: “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.”