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Mastercard declares support of Rs 250 cr to small businesses hit by COVID: CAIT

 Global digital payment and technology firm Mastercard has committed Rs 250 crore (USD 33 million) to help reboot Indian SMBs and enable business recovery from the impact of COVID-19 pandemic, industry body CAIT said on Tuesday.

These new initiatives build on Mastercard's multi-year partnership with the Confederation of All India Traders (CAIT) to grow digital payments awareness and support merchant on-boarding for digital commerce will help to large extent the Indian traders to overcome from the set back due to COVID-19, the industry body said.

"Through this joint initiative of CAIT & Mastercard, the financial assistance will be provided to traders across country," the traders," CAIT said.Â

Mastercard in partnership with CAIT will roll out multiple initiatives to drive inclusive growth by enabling small merchants and Kirana stores with access to credit for their businesses, knowledge and tools.

It will also empower women entrepreneurs by increasing their business acumen, help small businesses by growing digital payments awareness and providing low-cost acceptance and solutions in both online and offline business, CAIT said.Â

It will leverage its network, knowledge, technology and partnerships to help these enterprises sustain and grow their businesses, Porush Singh, Division President, South Asia, Mastercard, said. Â

Global analyses indicate that SMEs can see their revenues increase by up to one-third with such technology adoption, Singh added.

Praveen Khandelwal, National Secretary General of CAIT said, “During the extended nationwide lockdown, more than 90 percent of SMEs were closed for business. To adjust to the changing scenario, small brick-and-mortar shop owners are rushing to take their companies online.

To help these enterprises resume operations, we are pleased to partner with Mastercard in their efforts to support merchants with quick and easy ways to move their businesses online, facilitate much-needed access to credit, and address shifts in consumer buying behaviour towards digital contactless payments over cash."