South Indian Bank is partnering with Mastercard to launch Merchant in a Box solution for empowering more than 70 million merchants across India. ‘Merchant in a Box’ is a unique ready-to-use bundled toolkit, designed to ease payment acceptance amongst merchants and SMEs. It provides customers with a facility of payment cum acceptance solution in the form of Mastercard business debit card and Bharat QR respectively and it is first of its kind offering in India. Conceptualized by Mastercard, it allows South Indian Bank to address the needs of its merchant base. The solution seamlessly enables both bank and its merchants to access the bank accounts, Mastercard business debit cards and accept digital payments, without any hassles. It enables the bank in providing an instant solution to its SME customers wherein they can make payments in a safe, quick and easy way and also start accepting electronic payments instantaneously. Sanchary Sinha, country head (Retail Banking), South Indian Bank, said ‘Merchant in a Box’ is a unique digital proposition for the bank’s premium current account customers and this will help the bank connect to a larger merchant base as acceptance through Bharat QR eliminates the hassle of maintaining a charge slip or having a network connection, etc. Rajeev Kumar, senior vice president, Market Development, South Asia, Mastercard, said he is sure this product will go a long way in strengthening the Digital India vision and build a financially inclusive society.
