Mastercard enters into an agreement with Andhra Pradesh government for robust digital solutions

MUMBAI: Global digital payments major Mastercard entered into an agreement with the Andhra Pradesh government to enable safe and secure digital solutions to be adopted at the state level. The partnership would help the state government to enable more robust digital payments solutions for the government's Fintech Valley initiative.

Under the agreement, Mastercard will apply its insights and experience in working with governments across the globe to help deliver greater opportunities for local citizens and businesses. The company will implement innovative payment technologies, reinforcing CM’s high impact agenda to make Andhra Pradesh a cashless society and to elevate its foothold as a Smart City.

“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," said Ajay Banga, President and Chief Executive Officer, Mastercard.

The government and Mastercard would collaborate on spheres of cyber security, smart transit solutions with advanced digital payment modes, transparent pricing for farmers through safer and simpler pricing mechanisms. There would also be efforts to increase digital literacy and expertise.

“This association with Mastercard draws us closer to our goal of making Andhra Pradesh a hub for IT and Internet of Things (IoT) in the coming years," said Chandrababu Naidu, Chief Minister of Andhra Pradesh.