MasterCard signs MOU to accelerate electronic payments in Gujarat

MasterCard has signed a strategic co-operation agreement to accelerate electronic payments processes involving government, businesses, transit and tourism in India’s Gujarat state.

The MOU, signed during this week’s Vibrant Gujarat Summit, aims to increase the transparency and speed of payments to benefit consumers, small businesses and craftsmen, as well as state and municipal departments.

The agreement between the payment processor and the Indian state will see the development of a mobile-based solution for the transfer of government benefits to beneficiaries, MasterCard said in a statement. Gujarat and MasterCard will also seek to enhance the state’s public transport system by creating a common travel card for use on the metro and all state and city buses.

“MasterCard will kick off the collaboration by focusing on a number of strategic areas. Both parties will work together to digitize and streamline the procurement payment process in various departments, municipalities and various state Public Sector Undertakings (PSUs),” the statement added.

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