For reaching out and empowering more than 70 million merchants across India, Mastercard in association with South Indian Bank today announced the launch of ‘Merchant in a Box’ solution.
‘Merchant in a Box’ is a unique ready-to-use bundled toolkit, designed to ease payment acceptance amongst merchants and Small and Medium Enterprises (SMEs).
The product provides customers with a facility of payment cum acceptance solution in the form of Mastercard business debit card and Bharat QR respectively and it is first of its kind offering in India.
It has been conceptualised and designed by Mastercard and it allows South Indian Bank to address the needs of its merchant base. The solution seamlessly enables both bank and its merchants to access the bank account, Mastercard business debit card and accept digital payments, without any hassles. It enables the bank in providing an instant solution to its SME customers wherein they can make payments in a safe, quick and easy way and also start accepting electronic payments instantaneously.
“Merchant in a Box is a unique digital proposition for South Indian Bank’s Premium Current Account customers. We are glad to partner with Mastercard to provide this one-stop solution to our customers which will enable them to experience the convenience of digital payments. We are confident that this will help us connect to a larger merchant base as acceptance through Bharat QR eliminates the hassle of maintaining a charge slip or having a network connection, etc,” said Sanchay Sinha, Country Head (Retail Banking), South Indian Bank.
‘Merchant in a Box’ solution helps SMEs in making payments to over three million merchants in India and 40 million merchants globally using Mastercard business debit card.
“Mastercard has always aimed to address the needs of the merchant community and increase the acceptance of digital payments amongst them. Merchants and SMEs form a large base of the Indian ecosystem and we believe that ‘Merchant in a Box’ solution will assist them in their digital payments journey and address all their requirements. We are sure that this product will go a long way in strengthening the Digital India vision and build a financially inclusive society,” said Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard.
