Mastercard’s efforts to promote digital payments

Mastercard, a global company providing card payment services, has started ‘Project Kirana’ in collaboration with the United States Agency for International Development. Initially, 3 thousand women grocery shopkeepers in selected cities of Uttar Pradesh will get its benefit. This said in a statement that the objective of this program is to promote digital payments at grocery stores run by women, expand the scope of financial inclusion and expand income streams.

Mastercard

MasterCard is counted among the second largest payment network company in the world. Its Standard Debit Card, Enhanced Debit Card and World Debit Card are quite popular. MasterCard also has partnerships with financial institutions around the world. It is through them that it issues cards to its customers. This is also accepted all over the world. In such a situation, today a large number of people are doing online transactions through credit, debit card, UPI, wallet etc. without visiting the bank. 

The trend of making purchases with cash is gradually ending. Now people are making payment through credit, debit card, UPI etc. Most of us have credit and debit cards. If you also have this, then you must have seen Rupay, Visa and Mastercard written on these cards. Do you know about them? If not, then today we are going to tell you about these.

Promote women-owned businesses

The company said that due to inequality between men and women, the number of women-owned businesses around the world is low. Due to this, there are fewer cases of such businesses starting, developing and flourishing. To overcome these shortcomings, Mastercard and USAID have launched Project Kirana in partnership under the ‘Women’s Global Development and Prosperity Initiative’ (W-GDP).

Paurush Singh, Head of Department (South Asia), Mastercard, announced this partnership in a virtual event. “This is a strong initiative,” he said. Globally, Mastercard has committed $250 million to help small and micro businesses reach pre-Covid-19 levels. Whereas in India it has committed Rs 250 crore ($33 million) for this.

Launch of many initiatives

For this, the company has started many initiatives. This includes building financial and digital literacy skills on topics such as banking, digital payments, savings, loans and insurance, managing goods movement, bookkeeping, budget management and improving customer loyalty skills. 

Difference between RuPay, Visa and MasterCard 

Well, banks in India offer three types of credit cards – RuPay, VISA and MasterCard. These are financial corporations that provide a means of payment to carry forward credit card transactions. Each payment system has its own advantages and disadvantages. let’s take a look.

Visa and MasterCard are leading payment networks worldwide. They are know for their advance secure methods of payment. Both services are recognize and accept globally. On the other hand, RuPay is a homegrown financial service provider that was create for the people of India. It is currently the fastest card network in India as it operates domestically. VISA is the oldest payment system available to consumers and merchants. MasterCard, on the other hand, was introduce a little later, but it has always been one of the widely use networks. Both credit cards are accept in over 200 countries globally.