India News | Telangana Inks MoU with Mastercard

Hyderabad, May 26 (PTI) Telangana government on Thursday signed a memorandum of understanding (MoU) with Mastercard to formalise a Digital State Partnership aimed at delivering world-class solutions that contribute to the rapid digitisation of the State's citizen services with a focus on small and medium-sized businesses (SMBs) and farmers.

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The MoU was announced at the World Economic Forum in Davos, Switzerland. Minister for IT and Industries KT Rama Rao and vice-chairman and president (strategic growth) of Mastercard Michael Froman were present, an official release said.

As part of the Digital State Partnership, Mastercard would collaborate with the State on priority areas including digitisation of agricultural supply chains, cybersecurity, and digital literacy, the release said adding the solutions are aimed at supporting disbursements in the State, building capacity among SMBs and enabling farmers to increase their income, it said.

"As part of our vision of a Digital Telangana, we are excited to see the interest from global corporations. I am very happy to announce that we are partnering with Mastercard to further strengthen the ongoing efforts in the State by developing solutions to drive digitisation," KT Rama Rao said.

The collaboration would help bring better citizen experiences across the governance value chain, improve financial literacy and inclusion as well as bring higher efficiencies in services, including disbursements of welfare schemes and payment solutions, he further said.

"Mastercard is committed to contributing to a more inclusive, sustainable world where the digital economy works for everyone everywhere. The company has been working with governments around the world and leveraging the power of technology to expand financial and digital inclusion. Mastercard looks forward to working with the government of Telangana on initiatives to accelerate digitisation and positive change in the lives of its citizens and SMBs," Michael Froman said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)