Mahagram ties up with IndusInd Bank to enhance digital payments ecosystem

Mahagram's mission is to enable rural women to save money at the local kirana stores, instead of traveling miles to the nearest bank branch

FPJ Web DeskUpdated: Monday, May 23, 2022, 06:31 PM IST
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The partnership between the two aims to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy, and accelerate the growth of a cashless society. /Representative image |

Mahagram has announced it has signed a partnership with the IndusInd Bank, a new-generation Indian bank to digitize the country’s payment ecosystem and provide a wider horizon to transact especially for its customers in rural India.

The partnership between the two aims to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy, and accelerate the growth of a cashless society, it said in a press statement.

Commenting on this partnership, Ram Shriram, CEO, Mahagram said “In the internet era, developing a digital payment ecosystem is a very crucial step for us because it not only contributes to the economic growth but also ensures easy transactions for our customers through the use of their mobile phones, making it a much safer, simpler, and more convenient way to pay. Our target will be to add 15 million small merchants to the UPI QR in this fiscal year. Going forward, our vision is to expand into other sectors, as we work to advance the full payment ecosystem and achieve financial inclusion in India.”

Mahagram is a technology-driven fintech company that has enabled banking from the mom-and-pop store around the corner through fintech solutions. The company’s mission is to enable rural women to save money at the local Kirana stores, instead of traveling miles to the nearest bank branch, the statement said

Manish Modi, Country Head - Corporate Banking, IndusInd Bank Ltd. said, “We believe, digital payments will bring more transparency to the sector and further empower the merchants. The work that Mahagram has done in India over the last few years has made a notable impact on the country’s financial service sector and driven greater levels of financial inclusion. We are very much looking forward to working with Mahagram to advance India’s digital transformation, beginning with the rural sector.”

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