MasterCard Commits to the Inclusion of 40 Million Micro and Small Merchants
June 27 2016 - 10:17AM
Business Wire
Takes acceptance of electronic payments to
where the financially excluded live and shop
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Today, MasterCard set a goal to connect 40 million micro and
small merchants to its electronic payments network within five
years. This expands on the company’s Universal Financial Access
2020 commitment made last year.
To date, financial inclusion has been predominantly centered on
providing the underserved and the unbanked with tools and
transaction accounts. This remains a critical need with two billion
unbanked people, the majority of whom are women, forced to operate
in a cash economy. In order for financial inclusion efforts to
truly have an impact, there needs to be an equal focus on both
access and usage.
Since 2013, MasterCard has delivered programs and services to
more than 200 million people previously excluded from the financial
mainstream. The company is committed to reaching at least 500
million by 2020.
Through broad-based collaboration with public and private sector
entities, MasterCard is bringing the benefits and security of
electronic payments to the unbanked around the world.
- In Rwanda, MasterCard
is collaborating with the government to fast-track the
country’s move to include 90 percent of its citizens in the
financial mainstream, as set out in its Vision 2020 strategy.
- In Egypt, MasterCard is helping
the government roll out a digital ID program that links
citizens’ national ID to the existing national mobile money
platform, allowing 54 million Egyptians to participate in the
formal electronic economy through a single, easy-to-use cashless
program.
- In Bangladesh, bKash, Western Union,
BRAC Bank and MasterCard launched an international remittance
service that gives bKash’s 22 million registered customers the
ability to receive international remittances directly into their
bKash mobile wallet.
- In the U.S., the Direct Express®
program, a partnership between the U.S. Department of Treasury,
Comerica Bank and MasterCard, delivers federal benefit payments
electronically and recently launched a mobile app to help
people easily access account information.
- Across five countries, Vodaphone,
HomeSend and MasterCard expanded the real-time, mobile receipt
of remittances by M-Pesa users in Democratic Republic of
Congo, Ghana, Lesotho, Mozambique, and Albania.
However, a number of large scale programs have seen limited
success during the initial phase, as a majority of micro and small
merchants—where most of the underserved shop each day—do not accept
electronic payments. Where this occurs, accounts go unused or, in
the case of social disbursement programs, funds are immediately
withdrawn at ATMs.
“Real financial inclusion happens when people can use their new
financial accounts to do what many of us take for granted,” said
Ajay Banga, president and CEO of MasterCard. “Helping micro and
small merchants connect to electronic payments will accelerate
adoption and usage of new financial tools for the unbanked and will
have a true impact on people’s daily lives.”
Earlier this month, MasterCard announced an expanded effort with
the IFC, a member of the World Bank Group, to broaden the use of
electronic payments by micro, small and medium enterprises. The
“Financing Facility for Acceptance Development” is designed to
address specific challenges faced by banks and these businesses,
with a focus on Asia, the Middle East, Africa, Latin America and
parts of Europe.
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 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 Beyond the Transaction
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Media:MasterCardRyan Erenhouse, +1
914-249-3176Ryan_Erenhouse@mastercard.com
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