EnKash, a digital platform and payment solution provider, has entered into an alliance with Mastercard to expand the usage and acceptance of commercial cards in India and provide a B2B digital payment automation platform, according to a press release.
The platform will include supplier enablement services designed to help businesses to send payments using the Mastercard network and to accept card payments, especially for small- to medium-sized businesses (SMBs), the release stated.
Commercial cards have seen an increased adoption in both large and small Indian businesses as an option to protect and digitize supplier payments, drive savings and simplify reconciliation, according to the release.
“Limited penetration of card acceptance solutions across small B2B suppliers has led to many businesses missing on new innovative B2B payment solutions,” the release stated.
“Using the EnKash digital platform and Mastercard payment network, the corporate can leverage their unutilized credit lines to pay multiple types of core and non-core financial transactions including utility, rental, GST, fuel and many others B2B suppliers more efficiently,” the release stated. “The supply side businesses benefit from timely payments of invoices which would significantly help to improve their cash-flows and to get access to innovative features, including a dashboard for analytical reporting, which help in seamless payment reconciliation.”
The alliance will enable banks to generate greater spending on the commercial cards and offer better service to customers, according to the release. Corporates will have improved compliance and security in strategic purchases and larger payments. Suppliers will have improved cash flows.
Mastercard Chief Operating Officer for South Asia Vikas Varma said the ability to access money is important to every business, especially micro businesses and SMBs.
“Mastercard solutions coupled with payment network allow businesses to better manage their working capital needs and improve efficiencies through automation and enhanced reconciliation,” Varma said in the release. “This alliance brings more options in how businesses pay and get paid, while maintaining exacting standards of security.”