Leading companies using digital payments to service consumers including Facebook, Microsoft and Netflix have come together to set up the Merchants Payments Alliance of India (MPAI), which would promote digitalisation and financial literacy in the country.
“The alliance’s founding members include BookMyShow, Disney+ Hotstar, Facebook, Future Generali, Microsoft, Netflix, Spotify, Times Internet, and Zoom,” said a statement on Tuesday.
The formation of the alliance comes soon after the Reserve Bank of India’s directive on e-mandate that came into effect from October 1.
“MPAI will work towards such causes by addressing and constructively engaging with the payments regulator and industry. The alliance will enhance the value of India’s digital markets, provide public interest research and thought leadership on digital payments, and build consumer awareness,” it said, adding that the group will also become the principal resource platform for merchants and the payments ecosystem to contribute to policy conversations.
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Vivan Sharan, MPAI Secretariat, said, “The MPAI sees itself as a collective, using the operational experience of merchants, to engage on policy matters such as the e-mandate issue, which will help reduce transaction-related frictions and improve the efficiency of digital markets.”
Vishal Mehta, Strategic Partnerships and Payments, Microsoft, a member of MPAI, said, “The group’s purpose is to be a collaborator to the digital payments policy discourse and Microsoft is excited to be part of this initiative.”