Mastercard buys stake in online selling platform Instamojo

Global payments technology major Mastercard has picked up an equity stake in Instamojo, a digital platform catering to small businesses and self-employed workers, for an undisclosed amount. The investment is aimed at empowering millions of MSMEs and gig workers by providing easy to use solutions that will help them to rapidly digitise such as setting up online stores, equipping them with digital payment acceptance capabilities and reaching out to customers, even during the pandemic, Mastercard said in a release on Monday.

Instamojo provides small and micro merchants a ready-made virtual platform through which they can set up an e-commerce business and accept digital payments.