MasterCard, CAIT join hands to promote digital technologies among traders

MasterCard and the Confederation of All India Traders (CAIT) today announced a joint initiative to promote the digitization of payments among Indian traders, through knowledge sharing and training sessions across the country, in line with the government’s ‘Digital India’ vision.

For monitoring a nationwide campaign, the CAIT has formed a committee under the chairmanship of its National President B. C. Bhartia that will organize workshops, seminars and other activities in various cities.

MasterCard and CAIT will organize a series of trainings and educational sessions called “Master Your Card” in various metro and non-metro cities including New Delhi, Mumbai, Bangalore, Pune, Surat, and several others. The trainings will kick off in Delhi from  June 3, followed by Mumbai and Pune on June 4 and June 5 respectively.

The trainings will also share research that analyze consumers’ payment habits and compare their purchasing power through various payment modes. Traders will be trained to analyze the priorities and spending habits of consumers using analytical tools and trend reports, so as to tailor their business strategies and offers to consumer preferences.

Small and medium businesses play a vital role in the growth of the Indian economy and the unincorporated sector comprises of more than 57.7 mn businesses establishments. By empowering them with knowledge of advanced payments technologies, MasterCard and CAIT seek to contribute to the continued modernization of the trading sector through the promotion of digital commerce and skills training.

Sharing his thoughts on the occasion, Praveen Khandelwal, National Secretary General, CAIT , said, “With the government’s emphasis on online compliance across departments, we traders are also obliged to upgrade and modernize ourselves. This partnership is one in a series of steps we have taken to ensure the trading fraternity is able to compete successfully in an increasingly digitized world. A lot of small and medium scale enterprises have started recognizing technology as a key business driver but adoption in India is still low as compared to other countries. Our initiative is to help them embrace digital technologies in their businesses and contribute significantly in the growth of economy.”

Commenting on the partnership, Ari Sarker , Country Corporate Officer (India) and Division President, South Asia, MasterCard, said, “The technology is available today to help Indian traders better manage their resources and cash flow. By embracing the adoption of innovative payment technologies such as Near Field Communication (NFC), contactless and mobile solutions, they can offer a transaction experience that is safe, simple and smart, as well as create rich opportunities to acquire, retain, and grow their relationships with customers through targeted loyalty programs. Increasingly, people's lives have become digital as technology like the Internet and mobile phones become more prevalent and easily accessible, and traders must consider adopting digital payments if they want to build a successful business.”