Global digital payment and technology firm Mastercard has committed Rs 250 crore ($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.
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.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
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. 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."