Amritsar, NFA Post: Mastercard has entered into a partnership with digital payment solution provider EnKash to expand the usage and acceptance of commercial cards in India.
The alliance aims at providing a B2B digital payment automation platform, Mastercard said in a statement.
It added that the platform is embedded with supplier enablement services designed to help businesses to pay using Mastercard payment network, and to accept card payments, especially for small and medium enterprises.
“Using EnKash digital platform and Mastercard payment network, the corporate can leverage their unutilized credit lines to pay multiple types of core & non-core financial transactions including utility, rental, GST, Fuel and many other B2B suppliers more efficiently,” the company said.
It further added that the platform will have innovative features, including a dashboard for analytical reporting, which will help in seamless payment reconciliation.
“This alliance brings more options in how businesses pay and get paid, while maintaining exacting standards of security. By ensuring faster payment to suppliers, the bulk of whom are MSMEs, the company would also be supporting a crucial segment of the Indian business eco-system,” said Vikas Varma, chief operating officer, South Asia, Mastercard.
The company said that the alliance will enable banks to generate greater spends on the cards (issued by such banks) and offer better profits and service to their customers. Corporates will have an improved control, compliance and security to enhance efficiencies in strategic purchases and larger payments. Suppliers will have reduced Day Sales Outstanding and improved cash-flows.
“We are extremely excited to partner with Mastercard in our journey to connect large to mid to small businesses on a common digital payment network… We ensure that the card usage is optimized to create a win-win situation for financial institutions, businesses and their suppliers at large,” EnKash Co-Founder Hemant Vishnoi said.
Mastercard has been actively working towards driving acceptance for digital payments in India, and the company is enabling ease of payments for corporate, merchants and payment aggregators to help them grow their businesses efficiently, it said adding that with this partnership, joint efforts to drive acceptance for commercial cards adoption in the country can be expected.