Global payments technology major Mastercard and the Andhra Pradesh government today signed a pact to create a “digital ecosystem” in the state. It focuses on implementing a 4-pronged agenda for the state.
Signed by Andhra Pradesh Chief Minister Chandrababu Naidu and Mastercard President & CEO Ajay Banga, the pact will see the implementation of innovative payment technologies that will help the state move towards a cashless society as also to elevate its foothold as a smart city.Â
According to PTI, the two-year memorandum of understanding (MoU) ‘Fintech Valley’ was inked between Mastercard and Andhra Pradesh Electronics IT Agency (APEITA) to enable a safe and secure digital solution at the state level. Naidu said he strongly believes in technology and fintech (financial technologies). The pact will also include collaboration on a smart city and develop smart transit solutions to help speed daily commutes and bring efficiency across public transportation system. In addition, the partnership will also work towards enhancing financial, digital literacy and expertise through a knowledge sharing and skill development programme to support a Centre of Excellence at a leading university in Andhra Pradesh.Â
