Welcome!

Agile Computing Authors: Elizabeth White, Rishi Bhargava, Liz McMillan, Pat Romanski, Xenia von Wedel

News Feed Item

Technology and Partnership Approach Driving MasterCard Financial Inclusion in 2014

MasterCard’s technology combined with increased engagement of governments is helping drive greater expansion of financial inclusion. Public-private partnerships, such as the social security program in Pakistan MasterCard announced last week, offer citizens new opportunities to join the financial mainstream.

Around the world, innovations such as prepaid and mobile payments combined with biometrics are enabling more people to take advantage of formal financial services. This is especially apparent in Africa where MasterCard was recently recognized by The African Banker for its work extending financial inclusion across the continent. MasterCard’s broad-based collaboration with public and private sector entities is quickly bringing the benefits and security of electronic payments to the continent’s largest economies, where financial exclusion is still prevalent.

  • MasterCard’s work with the South African Social Security Agency has helped showcase the impact of delivering government funds via electronic payments and encouraged other governments to explore these solutions.
  • In Nigeria, the government launched a national ID program that combines a biometric identification solution with a prepaid payment functionality powered by MasterCard and is the broadest financial inclusion initiative of its kind on the African continent.
  • In Egypt, MasterCard partnered with the National Bank of Egypt and Etisalat to unveil the first Arabic mobile money program that enables subscribers to transfer money via their phone.

Earlier this year, MasterCard president and CEO Ajay Banga set the tone on the private sector’s role to provide broader access to financial services for the 2.5 billion adults who lack a simple bank account. “While the risks of not addressing financial inclusion are profound, the benefits are undeniable,” said Banga. “If it’s done well, it can help grow an economy that’s more equitable, sustainable and inclusive.”

But, leading on financial inclusion isn’t new to MasterCard or limited to Africa. In fact, MasterCard has programs designed to bring financial access to over 350 million people around the world including:

  • In Brazil, MasterCard’s joint venture with Telefonica created Zuum, a mobile money solution to make deposits or transfers and pay bills easily and securely;
  • In Vietnam, a partnership with Viettel and Military Bank to develop a prepaid card linked to the Viettel BankPlus wallet;
  • In India, a collaboration with Beam launched a mobile companion prepaid card that allows mobile wallet consumers to transact at physical merchants, online and access ATMs;
  • In Turkey, together with the Turkish Government and DenizBank, MasterCard introduced a new Social Aid Card to bring innovation and efficiency to Turkey’s welfare service; and
  • In Canada, a collaboration with SelectCore and the City of Toronto launched the City Services Benefit Card, a prepaid card program enabling Toronto residents to instantly receive their Ontario Works benefits through an EMV chip and PIN prepaid MasterCard.

Throughout 2014, MasterCard has continued to lead efforts that expand financial inclusion:

  • Issuing new payroll card standards in the United States to help employees take full advantage of the benefits of having their paycheck electronically deposited;
  • Launching the MasterCard Center for Inclusive Growth to foster collaborative relationships between academia, governments, nonprofits, the social design community, and the private sector that advance research and investment in sustainable economic growth;
  • Partnering with the Inter-American Development Bank to promote economic inclusion in Latin America & the Caribbean;
  • Co-authoring “Banking a New Generation” with Child Youth Finance International to help financial institutions, NGOs and governments co-create appropriate and innovative banking and payment products for young people;
  • Leading conversations on Financial Inclusion with the World Economic Forum in Davos, Colombia, Nigeria and Philippines; at the China Development Forum; and with the World Bank;
  • Conducting the Road to Inclusion study in India, Indonesia, Vietnam, Philippines, Egypt, and Nigeria that challenges previously-held notions of the unbanked; and
  • Continuing to partner with the Better Than Cash Alliance, an organization that works with governments, the development community and the private sector to move towards electronic payments in emerging economies as a pathway to greater financial access.

“We must dispel the myths surrounding financial inclusion,” said Banga. “The 2.5 billion adults without access to financial services are disproportionately women and young people and include many who are employed or living in urban centers. And, there are 106 million unbanked or underbanked people in the United States, so clearly financial inclusion is needed in all markets, not just the developing world.”

About MasterCard

MasterCard (NYSE:MA), http://www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...