MasterCard Inc. (NYSE: MA) Partners With EnKash to Expand Commercial Cards Usage in India

MasterCard Inc. (NYSE:MA) has signed an agreement with payment solutions providers and digital platform, EnKash to expand commercial cards usage in India. This agreement will enable B2B digital payment automation.

EnKash and MasterCard partnering

Enkash allows small and medium sized businesses to pay through the MasterCard payment network. The companies have entered the agreement to address increasing demand across different businesses in the country to digitize supplier payments. It is important to note that digitization is very vital currently owing to its several benefits. Most importantly, digitization will drive savings with fast cash payments, simplify reconciliation, and improve controls among other perks.

Although there is a growing need for digitization, Demand is yet to be met considering the limited card acceptance solutions penetration across small sized B2B suppliers. Because of this most enterprises have missed out on innovative B2B payment solutions that could have resulted in enhanced operational efficiencies.

The use of the MasterCard payment network and the Enkash payment platform will help corporates to leverage unutilized credit lines. This will help in paying several types of non-core and core financial transactions including Fuel, rental, utility, GST, and many more B2B suppliers efficiently.Notably, the supply side of businesses always benefits from timely settling of invoices, and in return, they can enhance cash flows.

MasterCard helping small businesses

For a while, MasterCard has been keen on helping small businesses in India that have been struggling with pandemic-induced financial problems. So far the company has made several investments to introduce various cost-effective solutions to help small businesses adapt to digital ways. Equally the company has extended a hand to female entrepreneurs with the introduction of the Kiran Project.As part of this project, the company partnered with the US Agency for International Development under the Global Development and Prosperity Initiative of Women.

India is a massive market for the company considering a large number of the population usually uses credit or debit cards when conducting online shopping. Also, the increase in smartphone usage has boosted online shopping and the market could reach $200 billion by 2026.