After helping connect 1 billion people and 65 million small businesses to the digital economy over the past decade, Mastercard has committed to connect another 500 million people and small businesses by 2030.
This effort will help provide financial resilience to more of the 2 billion people who remain underbanked or unbanked, the company said in a Monday (April 6) press release.
“Financial health doesn’t happen all at once,” Jon Huntsman, vice chair and president, strategic growth at Mastercard, and Jorn Lambert, chief product officer at Mastercard, said in the release. “It’s a journey, from obtaining a payment credential and building transaction history to accessing more advanced services like credit, loans or insurance that help people absorb shocks and manage risks.“Paths may differ, but secure infrastructure, confident digital engagement, and an expanding credit profile are what make financial resilience possible,” they said.
As Mastercard works to connect more people and small business, the company will leverage its Essential Debit and Essential Prepaid programs that are live in Nigeria and Colombia and will expand to more countries within months; its acceptance and issuance offerings for small businesses; its support for a growing network of digital wallets and partners; and its resources that help small businesses better understand and manage cyber risk, according to the release.
In addition, Mastercard recently launched the Global Financial Health Coalition, which brings together financial institutions, nongovernmental organizations (NGOs), telecommunications companies, wallet providers and other industry leaders to promote healthy financial behavior and long-term resilience for consumers and small businesses.
