MasterCard has reached an agreement with Airtel Payments Bank to offer a complete outsourced payments processing platform that delivers a number of payment services including switching, card management, along with support for reconciliation and dispute management processes.
As part of the collaboration, the two companies have also rolled out an online debit card along with a prepaid card, both accessible through the Myairtel app.
Using the online debit card, Airtel Payments Bank customers can make digital payments at more than 100,000 online merchants.
Supported by MasterCard modern payment technology centre at Pune, the processing platform allows MasterCard to host and process payments for all network brands.
The platform will enable Airtel Payments Bank achieve its vision of a digital and paperless payments bank while maintaining the highest global standards of safety and security.
Airtel Payments Bank managing director and CEO Shashi Aora said: “MasterCard‘s globally proven expertise and technology solutions will enable us to provide innovative, secure and convenient online digital payments solutions to our customers.
“We believe this partnership will contribute to our vision of serving customers with a differentiated banking model that provides them a simple and convenient form of merchant payments.”
MasterCard country corporate officer of India and division president for South Asia Porush Singh said: “We are delighted to partner with Airtel Payments Bank as their payments processor. This collaboration will enable Airtel Payments Bank to offer a safer, innovative and faster payments experience to its customers."