Mastercard, a global technology company in the payments industry, on Thursday announced a commitment of ₹250 crore ($33 million) to help reboot Indian SMEs and enable business recovery.

Their dependence on the cash-economy and supply chain disruptions have made India’s small and medium businesses amongst the hardest hit from the Covid-19 pandemic.

As part of this commitment, Mastercard will roll out multiple initiatives to help small businesses by growing digital payments awareness and providing low-cost acceptance solutions – online and offline – that are simple, safe and secure; drive inclusive growth by enabling small merchants and kirana stores with access to credit, knowledge and tools that will drive operational efficiencies; and empower women entrepreneurs by increasing their business acumen.

“Small businesses are the foundation of India’s economy, contributing nearly 35 per cent to the GDP. Mastercard will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses. As a result of these initiatives, India’s small businesses and entrepreneurs will gain increased access to credit and build operational efficiencies through improved customer and inventory management, employee engagement and regulatory compliance,” Porush Singh, Division President, South Asia, Mastercard, said in a statement.

This is an extension of Mastercard’s expanded worldwide commitment to financial inclusion which pledges to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025.

In April this year, the company also pledged $250 million to support small businesses globally. Thursday’s announcement confirms that the company will dedicate a significant proportion to India to benefit millions of SMEs over the coming five years.

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