Mastercard partners with SOLV to empower Indian MSMEs

Source: IBS Intelligence 2020-07-13

Global payments company Mastercard has partnered with SOLV, a B2B platform, to support Indian MSMEs to buy, operate and sell more efficiently. SOLV is a digital marketplace platform that helps MSMEs to connect and trade with a large network of buyers and suppliers, build their credit scores and gain access to financing and business services such as logistics.

The partnership comes in at a time when the MSMEs are facing a slowdown due to the pandemic caused by the Covid19 virus. The economic crisis has led to cashflow issues and to solve some of the issues, SOLV platform connects small businesses registered as sellers or buyers to lenders. This enables a largely untapped market to get access to an on-demand line of credit, thereby helping to foster business continuity.

Through this partnership, Mastercard is offering merchants and small business owners a suite of assets, beyond cards, that can help them grow their businesses efficiently. These include offerings such as the Mastercard Easy Savings program which enables small businesses to enjoy rebates for purchases made on Mastercard Business cards as well as Mastercard Zoho and Mastercard Strands Cash Flow platform that help SMEs to better operate their businesses. SOLV’s platform makes it easier for small businesses in multiple categories to expand, including FMCG, electronics, hospitality, textiles and apparel, medical, PPE and sanitization.

Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “As MSMEs are the foundation of India’s economy, Mastercard is focused on empowering them with tools that allow them to buy, operate and sell better than they could before. The user-friendly platform also helps MSMEs to track their transactions, make and reimburse payments and apply for loans. Mastercard has been working towards merchant and consumer education, development of low-cost payments-acceptance solutions and last-mile support for Indian merchants to start their digital onboarding. Through this partnership we will be able to further strengthen the Indian MSME sector taking the next step beyond just cards to offer a host of business services to the small merchants.”

Commenting on SOLV’s partnership with Mastercard, Nitin Mittal, CEO, SOLV, said, “We are pleased to partner Mastercard, further strengthening the value proposition for small business customers registered on SOLV’s platform. The Indian MSME sector is staring at a massive growth opportunity led by progressive policies & digital ecosystems. To this effect, SOLV’s platform is an enabler of MSME sector’s growth and aims to be a multiplier of their productivity by easing distribution and finance.”

Recent Mastercard initiatives to empower Indian MSMEs with best-in-class technological solutions include Mastercard’s partnership with ZOHO Corp which supports merchants with large turnovers to file their goods and services tax returns among other services. This offering called ‘Remotely’ will also allow micro-merchants to conduct their businesses smoothly with a comprehensive work from home software suite. Mastercard’s recent launch of Soft POS is an initiative aimed at enabling micro-merchants and SMEs in India to offer a cost-effective card acceptance solution without investing in a POS device. Mastercard is committed to empowering 10 million Indian merchants with digital payments acceptance infrastructure and financial literacy by end-2020.

Mastercard

SOLV

Mastercard partners with SOLV to empower Indian MSMEs

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!