{"id":4825,"date":"2020-03-11T17:59:53","date_gmt":"2020-03-11T17:59:53","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4825"},"modified":"2022-02-24T22:15:06","modified_gmt":"2022-02-24T22:15:06","slug":"mastercard-on-track-to-bring-500-million-people-into-financial-system-by-end-of-year","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/mastercard-on-track-to-bring-500-million-people-into-financial-system-by-end-of-year\/","title":{"rendered":"Mastercard on Track to Bring 500 Million People into Financial System by End of Year"},"content":{"rendered":"\n

Reaffirming its commitment to helping to grow financial\ninclusion globally, a <\/strong>Mastercard<\/strong><\/a>\nexecutive recently said the company is on track to fulfill its stated five-year\ngoal of bringing 500 million people into the digital economy by the end of this\nyear.<\/strong><\/p>\n\n\n\n

The remarks were made by Suzanne Moral, country manager for\nMastercard South Africa, during the Forbes Woman Africa Leading Women Summit\nlast week, according to ITWeb<\/a>. <\/p>\n\n\n\n

\u201cWe have a goal of bringing 500 million people into the\ndigital economy by 2020 and we are going to achieve that goal this year,\u201d the\npublication quoted Morel as saying.<\/p>\n\n\n\n

\u201cTo reach this goal, we are applying our best assets \u2013\ntools, technology, insights, funding, partnerships and expertise \u2013 to improve\nthe lives of people and communities around the world. We have a huge\nresponsibility to not only introduce innovative payment services but to also\ndeliver real value in contributing to financial inclusion in the African\neconomy with a particular focus on women.\u201d<\/p>\n\n\n\n

Mastercard set the goal in 2015 during an event at World\nBank headquarters where access to financial services was recognized as a \u201cbasic\nbuilding block to managing an individual\u2019s financial life,\u201d according to a press\nrelease<\/a>. The event was used to announce organizational commitments from a\ncoalition including governmental agencies, financial institutions and\nprivate-sector companies dedicated to increasing financial inclusion. <\/p>\n\n\n\n

\u201cToday, MasterCard is proud to announce our commitment to\nthe World Bank Group\u2019s efforts toward universal financial access. Our target is\nto reach 500 million people currently considered to be excluded from the\nfinancial mainstream,\u201d Ajay Banga, CEO and President of MasterCard, said in the\nrelease. <\/p>\n\n\n\n

\u201cIn making this commitment, we recognize that reaching full\nfinancial inclusion by 2020 requires the active engagement and commitment of\nthe private sector, working in partnership with governments and international\ndevelopment organizations. Together, we can be agents of transformative change\nwho create more inclusive economies and more empowered populations.\u201d<\/p>\n\n\n\n

According to the ITWeb article, Mastercard cites Sub-Saharan\nAfrica and South Asia as markets with significant opportunity to continue to grow\naccess to financial services for the underserved. While 37% of consumer to\nbusiness payments globally are digital, it said, that number drops to 16% in\nthis region. <\/p>\n\n\n\n

Morel did not provide current numbers of people that\nMastercard\u2019s initiatives have brought into the formal financial system, but pointed\nto programs such as Mastercard Send and PromptPay that are driving inclusion. <\/p>\n\n\n\n

Mastercard has previously credited payment facilitators with\nhelping to remove barriers to financial inclusion by helping to make sure that\nconsumers have not only access to transaction accounts and digital payment\nmethods, but places to use them. <\/p>\n\n\n\n

PFs further this goal by enabling easier payments acceptance\nfor small merchants. In a report,\nthe company described payment facilitators as \u201can extremely cost-effective and\nexpedient approach to enrolling, underwriting, and managing smaller merchants.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Reaffirming its commitment to helping to grow financial inclusion globally, a Mastercard executive recently said the company is on track to fulfill its stated five-year goal of bringing 500 million people into the digital economy by the end of this year.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[229,298,502],"class_list":["post-4825","post","type-post","status-publish","format-standard","hentry","category-archive","tag-digital-payments","tag-financial-inclusion","tag-mastercard"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4825"}],"version-history":[{"count":2,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4825\/revisions"}],"predecessor-version":[{"id":8182,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4825\/revisions\/8182"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4825"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}