MasterCard is working with the state government of Andhra Pradesh, India to make this particular region of the country a cashless society and a smart city, according to local reports.
MasterCard and Andhra Pradesh signed a two-year memorandum of understanding with the aim of creating a “Fintech Alley” of sorts.
“Around the world, MasterCard has partnered with governments to unleash the power and potential of digital transformation,” MasterCard President and CEO Ajay Banga said in a statement. “We can do this (the partnership) by empowering small farmers to access new markets and financial services through a digital marketplace created in India by our new Mastercard Labs.”
Part of the plan calls for MasterCard and the Andhra Pradesh government on smart transit products that include “advanced digital payment modes.”