AP Signs MoU With Mastercard To Invest $750m

Andhra: The main endeavor of Government of India is to make consumers and merchants to use extensively the digital payment methods. India needs to reduce its abnormally high reliance on cash, to bring in much needed transparency and effectiveness in the economic system of the country.
Working in this direction, to push up cashless transactions the Government of Andhra Pradesh signed MoU with MasterCard in the national capital on Thursday. MasterCard is an American multinational financial services corporation. This will make a way for digital financial dealings in a secure atmosphere. The MoU would assist the government in adopting and speeding up innovations such as digital payments and launch financial inclusion initiatives.
On this occasion, Chief Minister Naidu explained that we can do many wonders in the state with financial technology. The main problem of corruption besides many other financial evils can be solved through Digital economy.  Naidu said, “This association with Mastercard draws us closer to our goal of making Andhra Pradesh a hub for IT and Internet of Things (IoT) in the coming years. We are happy to be associated with a payment technology leader like Mastercard that will empower the ecosystem with digital technologies.”
A robust cyber ecosystem will be created by the MasterCard, through which people can do transactions safely. This system shall also protect the identity and privacy of the users and help in smooth conduct of business.
Further, as per this agreement the MasterCard will also arrange business summits in Visakhapatnam each year.  At present many people are attracted to digital system, because this is very easy way of doing financial transactions. Keeping in mind the safety, the Government is also contemplating stringent cyber laws to protect the interest of the users from possible frauds.