Announces the launch of India’s first online debit card to enable digital payments at over 100,000 online merchants
February 16, 2017, Bangalore: Mastercard today said that it will provide Airtel Payments Bank, a fully outsourced payments processing platform to enable a range of payment services including switching, card management, along with support for reconciliation and dispute management processes. Mastercard and Airtel Payments bank have also launched India’s first online debit card along with a prepaid card, both accessible via the Myairtel App. The online debit card will enable Airtel Payments Bank customers to make digital payments at over 100,000 online merchants.
This processing platform is supported by Mastercard’s state-of-the-art payment technology centre at Pune. The centre is home to a globally-integrated team of experts constantly innovating to support latest technologies. The platform enables Mastercard to host and process payments for all leading network brands and will help Airtel Payments Bank achieve its vision of a digital and paperless payments bank, while maintaining the highest global standards of safety and security.
Talking about the partnership, Shashi Arora, MD & CEO, Airtel Payments Bank said, “Mastercard’s globally proven expertise and technology solutions will enable us to provide innovative, secure and convenient online digital payments solutions to our customers. We believe this partnership will contribute to our vision of serving customers with a differentiated banking model that provides them a simple and convenient form of merchant payments”
Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard said, “We are delighted to partner with Airtel Payments Bank as their payments processor. This collaboration will enable Airtel Payments Bank to offer a safer, innovative and faster payments experience to its customers.” He further added, “Through the technology centre in Pune, Mastercard is continuing to make the investments needed in India to ensure we can offer the expertise and services that support the latest industry breakthroughs.”
Mastercard’s global processing business is one set of many services that Mastercard offers along with Enterprise Security Solutions, Mastercard Advisors, Mastercard Payment Gateway Services, all of which help deliver additional value to customers.
About Airtel Payments Bank
Airtel Payments Bank is India’s first payments bank, with operations across all 29 States of India. It is a fully digital and paperless bank and aims to take basic banking services to the doorstep of every Indian and contribute to the Government’s vision of Financial Inclusion and Digital India. Airtel Payments Bank operates through a differentiated banking model that leverages Airtel’s vast retail network that runs deep into rural India. These Airtel retail stores across the country also function as banking points, and customers can open savings accounts, deposit and withdraw cash, and make convenient money transfers across any of these banking points. Airtel Payments Bank also allows customers to make digital payments over the mobile devices across a wide range of merchants across India.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardIndia and @MastercardAP join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.