Mastercard-Instamojo tie up to assist MSMEs, Gig workers

Mastercard announced a strategic equity investment in Instamojo on June 28, 2021.

Key Points

  • Investments in India’s largest full-stack digital solutions provider, Instamojo, is aimed at empowering MSMEs and gig workers.
  • Empowerment will be done by providing easy to use solutions which will help them to rapidly digitize.
  • It will help in setting online stores, equip with digital payment acceptance capabilities and reach out to customers.

How Instamojo will help merchants?

Instamojo platform offers small and micro merchants a ready-made virtual platform on which they can quickly set up e-commerce business and accept digital payments through fast and easy onboarding process. Using Instamojo’s platform, merchants will get ready access to a functional online store with facilities like in-built payments, shipping capabilities, marketing tools, logistics and credit facilities. This investment and partnership will strengthen companies’ initiative to support gig workers such as personal trainers, electricians, tutors, and small F&B operators to grow and run their businesses.

How Mastercard will help?

Mastercard is committed to support small merchants with company’s strategic investment and partnerships to unlock power and potential of digital commerce. With this partnership, Mastercard along with Instamojo will enable small businesses to grow by strengthening their digital footprint and payment acceptance capabilities. Mastercard had also committed Rs 250 crores to support small businesses in India in 2020 and launched several initiatives such as providing low-cost digital, growing digital payments awareness and physical acceptance solutions.

Team Cashless India

Team Cashless India was started by Mastercard to educate and upskill small merchants to benefits and practicalities of accepting digital payments.

About Instamojo

It is full-stack e-commerce platform for DTC brands and Micro, Medium & Small Enterprises (MSMEs). It helps them in starting, managing and growing their business online. It was founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta.

About Mastercard

Mastercard is a global technology company in payments industry. It seeks to connect and power an inclusive & digital economy.

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