Mastercard, the top global transaction company, is operating closely with the Government of India and industries in the country. This is done to boost low-price transaction technologies and popularize the digitization program of the country. This data was given by a top company administrator to the media in an interview.
“Till date, there are over 300,000 vendors who have used Bharat QR, the first internationally inter-operable transaction solution of the world,” claimed Ajay Bhalla in a statement. Bhalla is the President of Global Enterprise Risk & Security at MasterCard.
Indian Banks Association and Reserve Bank of India (RBI) rolled out Bharat QR on February 21, 2017, to drive digital payments. The solution was designed by Mastercard in partnership with NPCI (National Payments Corporation of India), American Express, and Visa.
Making a note that digital transactions in the country stay extremely positive, Bhalla claimed that it was a developing business. “We are pledged to India in an extremely big way as an organization. This is achieved by working with banks, regulators, and stake holders in designing solution,” claimed Bhalla in his statement.
Mentioning industry guesses, he claimed that there was an 86% rise in vendors accepting card transactions on a daily basis than pre-demonetization time frame. He also pointed out that the data of RBI displaying 70% development in 6 Months in point of sale terminals, to 2.5 Million in March 2017 from 1.5 Million in September 2016.
“With 850 Million debit cards in India in circulation, debit card per capita is roughly one at this moment,” he further added pointing to the data of RBI. On potential of card market, Bhalla claimed that there were 900 Million people above 15 Years of age today in the country. He claimed that India stayed a big foundation for Mastercard for designing solutions.
“We are utilizing India as a big foundation for designing a number of innovations and solutions,” he further said. Mastercard has a big staff organized in India who is operating on designing some software goods. These goods are used exclusively for India and some of these are utilized internationally, Bhalla claimed.