MasterCard Signs Agreement with Gujarat to Accelerate Electronic Payments

January 21, 2015, Written By Lynn Oldshue

MasterCard has signed a Memorandum of Understanding (MOU) with the State Government of Gujarat to cooperate in accelerating the adoption of electronic payments for the government, businesses, tourism and transit industries. The agreement will improve the speed and transparency of payment processing, helping both consumers and business owners of this state located on the western coast of India.

The MOU paves the way for a number of progressive strategies in the coming years. The government and MasterCard will collaborate to digitize payment solutions in state departments, municipalities and Public Sector Undertakings. They plan to build a mobile platform to transfer government benefits to beneficiaries. They will also work together to create a universal transit card for travelers using the metro, as well as state and city buses.

Micro, small and medium enterprises will benefit from the MOU because they will receive payment processes that are more secure and efficient. The government and MasterCard both hope to promote Gujarat tourism to MasterCard cardholders, which could help these small businesses that rely on tourism for their income.

“This MOU represents a joint effort to drive innovation and development of electronic payments in Gujarat, in line with the State Government’s goal to make Gujarat the first digital payments state in India,” Ari Sarker, MasterCard’s South Asia and Country Corporate Officer, said in a statement.

MasterCard currently has partnerships with 44 countries in Asia, Europe, Africa and America. This new expansion is in line with the company’s plan to widen its global outreach.

The information contained within this article was accurate as of January 21, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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