Market Digest

Mastercard, Sokin sign deal to expand payment services

Staff Correspondent

9 February, 2021 12:00 AM printer

Mastercard in South Asia has signed a partnership agreement with Sokin to provide its fixed-price payment services in India, Sri Lanka, Bangladesh, Nepal and the Maldives. 

Mastercard South Asia Chief Operating Officer Vikas Varma and Sokin Chief Executive Officer Vroon Modgill signed an agreement on behalf of their respective organisations, said a press release on Monday.

Sokin is the only global payments provider that will provide a fixed-fee subscription-based payment service for fast and cost-effective currency exchange with no hidden charges.

Mastercard's global network and extensive reach in South Asia will allow millions of people to access Sokin’s instant payment network using Mastercard’s trusted and secure digital banking solutions and card services.

The collaboration in South Asia follows announcements in November that Sokin will be a Mastercard principal member and card issuer for Singapore and that the two companies have forged a partnership in Europe and the United Kingdom.

Starting in June 2021, Sokin will offer consumers unlimited international money transfers and payments with no mark-up on transactions or hidden fees. Its proprietary technology makes the process easy – from the onboarding of customers to instant payments – all in its secure peer-to-peer mobile app.