Mastercard Center for Inclusive Growth to bring women artisans in India into digital payment world

The Mastercard Center for Inclusive Growth has partnered with the Industree Foundation, an India non-profit organisation, to facilitate the adoption of digital payments among 100,000 women artisans across India. A grant contribution of US$150,000 will be made over three years. Mastercard will also help foster a more inclusive society through awareness and availability of financial solutions.

Under the partnership, the Mastercard Center for Inclusive Growth will organise training camps to spread financial literacy among the artisans and introduce digital payments solutions in association with Mastercard’s ecosystem partners.

Mastercard is committed to bringing 500 million people globally into the financial mainstream by 2020 and connecting 40 million micro and small merchants to its electronic payments network by 2021. The Mastercard Center for Inclusive Growth works closely with the business to advance equitable and sustainable economic growth as well as financial inclusion around the world.

Shamina Singh, President, Mastercard Center for Inclusive Growth said, “Connecting women artisans to the networks that power the modern world – like financial services – unlocks their economic potential and accelerates a cycle of equitable and sustainable economic growth. Micro entrepreneurs drive the local economy and through our partnership with Industree Foundation, we look forward to empowering artisans with the tools and training to grow their businesses and advance the lives of their families and communities.”

Mastercard will be the preferred partner for payments to facilitate loans and financial assistance to micro-entrepreneurs. It will also provide support toward building a digital platform and facilitate the adoption of cashless payments to enhance artisans’ business and operational efficiency. Two thousand women artisans have already been brought on board and trained across Tamil Nadu and Karnataka as part of this initiative.

Neelam Chhiber, Co-founder and Managing Trustee at Industree Foundation said, “We have been consistent in elevating the condition of artisans in India and with this partnership, we aim to add to our capabilities. Mastercard’s expertise and experience in payments technology coupled with their financial support would go a long way in bolstering support for women artisans.”

Mastercard has been working with governments and the industry to empower the marginalised and bring to them the benefits of digital inclusion. To date, Mastercard has over 500 programmes in more than 50 countries that have already connected 310 million people to formal financial services.

The Industree Foundation aims to foster an ownership-based, organised creative manufacturing ecosystem for micro-entrepreneurs. By helping communities assess their traditional skill base, organise themselves into producer enterprises, develop products that appeal to modern markets and access capital, Industree Foundation guides them into becoming successful micro-entrepreneurs heading sustainable businesses.