AP inks MoU with Mastercard

Hyderabad: With an objective of taking digital revolution to rural masses, the Andhra Pradesh government has entered into an agreement with Mastercard, a New York-based leading global payments and technology company. As part of the MoU, the AP government aims to further boost fintech eco system in the state.

Speaking at ‘Andhra Pradesh Cybersecurity summit’ at Fintech Valley here on Friday, IT Minister Nara Lokesh said: “The MoU with Mastercard would increase the credit flow to the farmers and the farmers also would get capital investment directly from the companies with low interests. The partnership with Mastercard is an important step towards implementing the best practices in the field of cybersecurity in the state.

Andhra Pradesh is the first state in implementing digital solutions for delivery of public services and it has also created a global fintech eco system. With the successful implementation of the digital services across all the sectors, the cyber security has become an important task for not only the government but, also for individuals as well.”

The summit was organised as part of the MoU between AP government and Mastercard. Over 450 global delegates including policymakers, bureaucrats, cybersecurity experts, and academicians took part in the summit. Several cybersecurity experts shared strategies and solutions to combat the growing cyber threats in India and globally.

JA Chowdary, Special Chief Secretary & IT Advisor to the AP Chief Minister, and Ravi Aurora, ED, Mastercard, spoke at the summit. On the occasion, Nara Lokesh felicitated the winners of Cyberthon, India’s largest cybersecurity hackathon organized by the AP government from April 4 to April 25.

Sanjay Bahl, Director-General, CERT-In, led discussions on national impact of cybersecurity, while Rebecca Ledingham, Vice-President (security decisioning and products), Mastercard, elaborated on a global perspective and India’s specific requirements needed to protect networks from cyber threats that impact individuals, organisations and nations.

During a Panel discussion on smart cities and IoT, Rama Vedashree, CEO, Data Security Council of India, stressed the need of big data, advanced analytics and other innovations to ensure safety and security of smart cities. The attendees also had the opportunity to gain practical understanding through demonstrations about applied cybersecurity solutions.

Ravi Aurora, Executive Director (community relations and public policy), Mastercard, said: “Safety and security have always been at the forefront of Mastercard’s agenda. This summit has played a pivotal role in building awareness about cybersecurity. We’re thankful to the AP government for providing us the opportunity to work together through the Andhra Pradesh Cybersecurity Summit helps focus on preventing digital fraud and protect businesses and individuals.

We believe that this summit will go a long way towards the creation of a digitally-empowered cashless society.” Safety and security factor is a fundamental building block of everything Mastercard does. The company’s network is designed to ensure that every person, every payment, and every device is protected, adds Aurora.

Mastercard uses its digital technologies and security protocols to make payments simpler, faster, and safer for both consumers and merchants. Mastercard has dedicated more than $1 billion to reinforce product design and multiple layers of security.