Mastercard Send™ has enabled a successful festive season for online businesses and consumersDecember 2, 2020 | India
The ongoing pandemic has accelerated real-time payments as consumers increasingly seek alternatives to cash. This has led to a notable shift towards digital payment solutions. With the festive season at its peak, Mastercard Send™—which launched in India (via Mastercard customers’) in July 2019 and can enable near real-time* Business-to-Consumer (B2C) disbursements and Person-to-Person (P2P) transfers—is enabling online businesses to manage high volume transactions, refunds, cash on delivery returns and disbursements.
Diwali is one of the most auspicious festivals in India, and for consumers, it is considered the best time to make purchases. Consequently, merchants roll out discounts and offers to increase sales. These discounts and offers increase the purchasing power of the consumer. Though, with traditional payment methods, consumers had to wait five to seven days to receive their discounts. But with Mastercard Send™, these transactions are processed in near real-time, providing a better overall consumer experience and making it easier for merchants to manage their payout programs. Its standout features are its ease of integration, simplified customer onboarding, enhanced operational experience with seamless backend framework.
Mastercard Send™ allows people and organizations to send and receive money how, where and when they choose, and plays a key role in enhancing payment experiences for customers. Companies like Razorpay and Paytm utilize the solution for instant refunds while acquirers such as RBL Bank, Yes Bank, PayTM Payments Bank and SBM Bank are using this solution to empower merchants and financial technology firms with instant payment solution on credit card bill payments.
Commenting on the success, Amitabh Tewary, Chief Innovation Officer, Razorpay Pvt. Ltd. said, “Instant refunds is a strong benefit that helps in building customer confidence in digital payments. With Mastercard Send™, real-time refunds can be passed to customers while restoring fair economics for merchants. Moreover, a single integration makes Mastercard Send work seamlessly across acquirers, making it easier for payment aggregators and merchants to adopt this powerful solution. At Razorpay, the customer is at the heart of all our innovations while our solutions are built to provide simplicity and ease for merchants. Mastercard Send™ checks all these considerations. We are confident that our partnership with Mastercard for this service will lead to a superior experience for customers and merchants alike, creating value for all stakeholders.”
Pushpendra Sharma, Head Digital Payments & Acquiring, RBL Bank said, “At RBL Bank, we are constantly working towards enhancing our customer experience. We launched Mastercard Send™, an instant payment solution for credit card bill payments, empowering merchants, and financial technology firms to offer a seamless experience to their users. Fintechs are using this solution for providing instant credit to the cardholders, thereby enhancing loyalty and spends among customers. Being ranked amongst the top Banks in digital payments, we are focused towards launching newer solutions to drive digital payments.”
Neeraj Sinha, Head- Retail & Consumer Banking, SBM Bank India said, “Some solutions truly represent the festive season – bringing people together, enriching their lives and facilitating a memorable experience. Mastercard Send™ is one such product that has given our customers invaluable reasons to cheer and celebrate – with ease of access, safety and reliability. At SBM Bank India, we have always valued our partnership with Mastercard, and Mastercard Send™ has further cemented this partnership with its value proposition for our customers.”
Praveen Sharma, Senior Vice President, Paytm said, “We are committed to providing seamless & safe digital payments experience to our users and driving financial inclusion across the country. Our partnership with Mastercard and the launch of the product Mastercard Send is a step in this direction. With instant refunds, reward points redemption, seamless credit card payments & disbursements, we aim to instill confidence among new users and further propel our mission of bringing half a billion Indians to the mainstream economy.”
Commenting on the success, Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “Mastercard Send™, has helped the Indian Fintech ecosystem and large merchants to offer credit card bill payments, cashback, reward point redemptions and refunds instantly. With the festive season, Mastercard Send provides various merchants, issuers and acquirers with enhanced reach, scalability, stability and support to further fuel multiple instant payment needs. Mastercard looks forward to continued adoption of its platform and is working with its partners/ customers such as Yes Bank, Razorpay, RBL Bank, SBM Bank India, Paytm, MakeMyTrip and many more to provide the right solutions for consumers and merchants.”
Mastercard has been actively working towards driving acceptance for digital payments in India. The company is enabling ease of payments for merchants and payment aggregators to help them grow their businesses efficiently. With new products like Mastercard Send™, the country can expect an increased inclination among online merchants and banks to curate new payments and price propositions for consumers, which will further drive digital adoption in the country.
*Actual posting times for approved transactions will depend on the receiving financial institution
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 8.44 million customers through a network of 392 branches, 1,221 business correspondent branches (of which 263 banking outlets) and 389 ATMs spread across 28 Indian states and Union Territories.
RBL Bank is listed on both NSE and BSE (RBLBANK).
For further details, please visit www.rblbank.com
About SBM Bank
SBM Bank (India) Limited “SBM Bank India” is the first bank to receive universal banking license from the Reserve Bank of India to set up and operate as a Scheduled Commercial Bank under Wholly Owned Subsidiary (WOS) mode offering banking services in India. SBM Bank India has a network of 6 branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram. SBM Bank India has profound domain expertise and is led by a core team comprising of industry veterans having over a century of cumulative experience in banking and financial services. The Bank offers a diverse suite of universal products and services to its customers which include Deposits, Advances, NRI Services, Treasury Products and Trade Finance Services. SBM Bank India stands poised to embark on a new journey, innovating in every sphere of its business, expanding its service proposition to include an extensive suite of retail and wholesale banking products and capital markets.
Paytm is India’s leading digital financial services platform that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms. The company is on a mission to bring half a billion Indians into the mainstream economy through payments, commerce, banking, investments, and financial services. One97 Communications Limited that owns the brand Paytm is founded by Vijay Shekhar Sharma and is headquartered in Noida, Uttar Pradesh. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.