Quatrro Processing Services, a payment processing and fintech services provider in India, has won the contract of being the Type 1 third party processor from MasterCard.
Under the arrangements, Quatrro will provide end-to-end technology and operations support to MasterCard for processing digital payments.
The agreement will authorize Quatrro to operate MasterCard Interface Processors (MIPs) without the support of any sponsoring bank. The MIPs facilitate processing of credit and debit card transactions in real time and provide a link between Bank's/Processor's host and the MasterCard Network.
Quatrro, through this approval, also received an acquiring bin of its own that allows it to offer merchant acquiring services directly after obtaining necessary approvals from Reserve Bank of India.
Rajesh Dhuddu, senior vice president at Quatrro said: "The push towards digital payments across India especially after the demonetization exercise can yield very good results only if the payment processing infrastructure is available at affordable price points and without the need to incur significant upfront capital expenditure.
“With this approval from MasterCard, Quatrro is uniquely poised to address all these requirements especially of the financial institutions that belong to the long tail market."
Amitabh Khanna, head customer delivery – South Asia at MasterCard, said: "We welcome Quatrro's talented team into the Mastercard family. The association will strengthen our capabilities and will enable us to offer a true end-to-end solution to our customers. Quatrro's expertise complements MasterCard's products and services, enabling us to emerge stronger in the area of processing and switching."