18 February 2017 Current Affairs: Leading global payments and technology firm, Mastercard is set to provide payments processing solution to Airtel Payments Bank.
The payment processing platform will enable the Airtel Payment Bank in providing various payment services like switching, card management along with support for reconciliation and dispute management processes.
As per the announcement by Mastercard on February 17, 2017, Mastercard and Airtel Payments bank have also launched India’s first online debit card along with a prepaid card, both of which is accessible through the Myairtel App.
The online debit card will enable Airtel Payments Bank customers to make digital payments at over 100,000 online merchants.
The collaboration will enable Airtel Payments Bank to offer a safer, innovative and faster payments experience to its customers through globally proven expertise and technology solutions of Mastercard.
Airtel Payments Bank launched its services across 2, 50, 000 banking points in all the 29 states on January 12, 2017.