Mastercard and EnKash entered in an alliance to expand the usage and acceptance of commercial cards in India.
This alliance with EnKash, a digital platform and payment solution provider, is to provide a B2B digital payment automation platform. The platform is embedded with supplier enablement services designed to help businesses to pay using the Mastercard payment network and to accept card payments, especially for small and medium enterprises.
Using the EnKash digital platform and Mastercard payment network, corporates can use their unutilised credit lines to pay multiple types of core and non-core financial transactions including utility, rental, GST, fuel, and others.
Hemant Vishnoi, Co-founder, EnKash, commented:
“We are extremely excited to partner with Mastercard in our journey to connect large to mid to small businesses on a common digital payment network. In short, EnKash serves as a catalyst for businesses to facilitate payments to its suppliers and/or do business transactions using their commercial cards. Such benefits help drive business operational efficiencies. We ensure that the card usage is optimized to create a win-win situation for financial institutions, businesses and their suppliers at large”
Vikas Varma, Chief Operating Officer, South Asia, Mastercard, commented:
“Access to funds is the lifeblood of every business and is fundamental for growth, which is more so for MSMEs, Mastercard solutions coupled with payment network allow businesses to better manage their working capital needs and improve efficiencies through automation and enhanced reconciliation. This alliance brings more options in how businesses pay and get paid, while maintaining exacting standards of security. By ensuring faster payment to suppliers, the bulk of whom are MSMEs, the company would also be supporting a crucial segment of the Indian business eco-system.”
