Building on their decade-long collaboration to empower small traders and merchants in India through digitization, Mastercard and the Confederation of All India Traders (CAIT) have announced a nationwide campaign titled ‘Surakshit Vyapari, Safal Vyapar’ to boost cyber awareness and hygiene among this segment. The initiative will feature specialized training sessions and workshops for traders and merchants during Cybersecurity Awareness Month in October 2024.
India’s rapid digitization has led to a significant rise in cyber fraud, with the Reserve Bank of India reporting a 300% increase in payment-related cyber frauds, totaling approximately 36,000 cases in FY23. To combat this growing threat, Mastercard and CAIT aim to educate small traders and merchants on preventing and responding to cyberattacks and frauds as they embrace digital tools.
Praveen Khandelwal, Member of Parliament and National Secretary General of CAIT, emphasized the importance of cybersecurity for traders in today’s digital age. “With the motto ‘Surakshit Vyapari, Safal Vyapar,’ this partnership with Mastercard allows us to take proactive measures to prevent cyber fraud and enhance the security of digital transactions across the country,” he said.
Gautam Aggarwal, Division President for South Asia at Mastercard, highlighted the crucial role of small traders and merchants in India’s socio-economic development. He noted that this initiative aligns with the Prime Minister’s vision for a ‘Cyber Safe’ India, aiming to build consumer trust in digital payments and bolster digital commerce nationwide.
Over the past decade, Mastercard and CAIT have collaborated on several nationwide programs, benefiting over 10 million traders, with 2.5 million directly adopting digital payments. BC Bhartia, National President of CAIT, remarked that this latest effort marks a significant advancement in safeguarding the interests of small merchants in India by equipping them with the necessary knowledge and tools to navigate the evolving cybersecurity landscape.
