
MasterCard eyes carpenters, auto drivers, plumbers in digital push
Following a surge in debit card transactions in India after demonetisation, MasterCard, one of the world’s largest payments networks, is looking at innovative mobile banking payment solutions to cater to auto rickshaw drivers, carpenters, plumbers and more such people working in the informal sector. Besides, it also wants to increase debit card usage among Indians, who mainly use them for ATM transactions.
“We have seen a robust growth in the range of 50% to 80% in daily volumes and it will continue,” Ari Sarkar, co-president, Asia Pacific, Mastercard, told HT. “At the same time, the request for merchant terminals, traditional terminals as well as mPOS (mobile point of sale) terminals has also significantly shot up.”
India currently has around 710 million card users, of which around 200 million are MasterCard users. However, at least 400 million people still use their debit cards mainly for ATM transactions, rather than for making purchases, Sarkar said. “Demonetisation will alter this behaviour significantly.”
“There are around 200,000 ATMs in India and the point of sale universe is 1.4 million. Yet, the Indian consumer is withdrawing over $450 billion of equivalent rupees from ATMs, but only spending $60 billion at point of sales (debit card transactions). There is a very significant growth outlook on the usage and acceptance of debit cards.”
MasterCard is already working closely with the Confederation of All India Traders, which represents over 58 million merchants and traders, to educate them on the importance and benefits of electronic payments.

Sebi lays guidelines on votes cast by mutual funds

India's forex reserves increase by USD 689 million to USD 584.55 billion: RBI

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

Tax cut should be joint call of Centre, states: Sitharaman on high fuel prices

Germany to pay nuclear operators 2.4 billion euros for plant closures

SoftBank strategy chief Katsunori Sago plans exit after just three Years

Maharashtra economy to register negative 8% growth in 2020-21: Economic survey

Utkarsh Small Finance Bank files for IPO, plans to raise ₹1,350 million

Microsoft’s $10 billion Pentagon deal at risk amid Amazon fight

Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 pts
- Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 points

Amazon's 'Tandav' row puts Bollywood, global streaming giants on edge
- Companies like Amazon's Prime Video and Netflix are inspecting planned shows and scripts, with some even deleting scenes that could be controversial, five Bollywood directors and producers, and two industry sources said.

Asian LNG prices edge higher on Indian, Chinese demand

Oil soars to near 14-month high as OPEC+ extends output cuts into April

I-T Dept detects unaccounted income of ₹175 crore during Tamil Nadu raids
- Income tax officials have also seized ₹3 crore cash during raids on two groups of civil contractors in Tamil Nadu
