The MOU aims to improve access to money and create improved transparency, efficiency and speed in payments that would benefit consumers, small businesses and craftsmen, as well as state and municipal departments.

The MOU was signed by Vicky Bindra, president, Asia Pacific & Global Accounts for MasterCard and Anil Kumar Yadav, Director (Institutional Finance) and Ex-Officio Additional Secretary, in the presence of Arun Jaitley, Minister of Finance for the Government of India; Anandiben Patel, Chief Minister of Gujarat; Saurabh Patel, Gujarat State Cabinet Minister; Dr. Hasmukh Adhia, Finance Services Secretary, Ministry of Finance for the Government of India and Dr. JN Singh, Additional Chief Secretary, Gujarat Finance Department.

Gujarat has enjoyed a track record of development and inclusive growth in the past decade. The State Government and MasterCard will kick off the collaboration by focusing on a number of strategic areas. Both parties will work together to digitize and streamline the procurement payment process in various departments, municipalities and various state Public Sector Undertakings (PSUs). They will develop a mobile-based solution for the transfer of government benefits to beneficiaries. The State Government and MasterCard will also seek to enhance the already robust public transportation system by creating a common transit card for travelers using the metro, and all state and city buses.

In addition, the MSME (micro, small and medium enterprises) sector will stand to benefit from this collaboration through payment processes that are more secure and efficient. The State Government and MasterCard will also explore opportunities to promote Gujarat tourism to MasterCard card holders.

“This MOU represents a joint effort to drive innovation and development of electronic payments in Gujarat, in line with the State Government’s goal to make Gujarat the first digital payments state in India. MasterCard will leverage its global expertise to deliver new innovations and the right payment systems, and we are looking forward to seeing fruitful results from this collaboration,” said Ari Sarker, Division President, South Asia & Country Corporate Officer, India at MasterCard.

As a leader in the global payments industry, MasterCard makes everyday commerce activities easier, more secure and more efficient with innovative solutions, technologies and business models. It currently partners with the governments of over 44 countries in Asia, Europe, America and Africa; within India, it has implemented various projects with the state governments of Chhattisgarh, Madhya Pradesh, DMRC, and National Skill Development Corporation (NSDC).

Today’s MOU announcement follows recent investments in Gujarat by MasterCard to establish the Mobile Solutions Center of Excellence in the city of Vadodara. Building on existing expertise from C-SAM, a leading provider of mobile wallet and on-device software and services which MasterCard acquired in 2014, the Center will develop innovations that can be integrated with MasterCard solutions and deliver end-to-end device-based solutions for service providers around the globe. This is in line with MasterCard’s strategy to tap the global talent pool and attract high-end technology capabilities to deepen its intellectual property and capabilities.