Mastercard, Zoho Partner to Ease Payments for SMEs

Mastercard announced its strategic partnership with Zoho, a leading cloud solution provider to launch a bundled 'SME in a box' solution for business owners. The bundle will ease payments and help Small and Medium Enterprises (SMEs) manage their GST compliance and back-office operations effortlessly.

The solution aims at empowering 73 million SMEs in India to receive or make payments through all digital forms including Bharat QR, Mastercard business credit and debit cards while staying GST compliant using Zoho's ERP software.

A dynamic Bharat QR printed on generated invoices would facilitate easy collection of payments. Digitizing merchant onboarding, the  financial services corporation offers improved efficiency, instant activation of payment acceptance and seamless experience to the SMEs.

The bundle is available as an “Exclusive Offer” for Mastercard business debit and credit card users.

"At Zoho, we continually strive to help Indian SMEs be more profitable and compete at the world stage," said Sivaramakrishnan Iswaran, Director, Zoho. "In this spirit, we are happy to join hands with Mastercard to equalize access to world-class accounting, payments, tax filing and business decision making solutions for Indian SMEs. For the first time ever, Indian SMEs have better solutions than their counterparts anywhere else around the globe," he further added.

Speaking about the partnership, Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard said, “Mastercard always strives to create a financially inclusive society and contribute to accelerate India’s journey towards becoming a cashless economy. SMEs being the backbone of the Indian economy have a significant role in this journey. This partnership is yet another way for Mastercard to empower Indian SMEs with the best-in-class technological solutions. Mastercard is confident that it will enhance digital payment acceptance in the country and contribute to the Government’s mission of 30 billion transactions in FY 2019.”

Benefits of the partnership include: Improved cash flow with faster digital payments; Streamlined back-office with Zoho's GST compliant ERP software; and Exclusive pricing for Mastercard business Debit/Credit card users.