• Posted on Friday June 28, 2019
  • Created by Luke Shane

Mastercard Start Path Seeds Innovation between Startups and Corporates

Continued exploration across borders and technologies is how Mastercard Start Path, part of Mastercard Labs, accelerates game-changing trends into solutions that shape the future of commerce. Having evaluated 10,000 startups worldwide since its inception, the Start Path team sees first-hand how the FinTech landscape has matured yet continues to evolve in reaction to new technologies …
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Continued exploration across borders and technologies is how Mastercard Start Path, part of Mastercard Labs, accelerates game-changing trends into solutions that shape the future of commerce.

Having evaluated 10,000 startups worldwide since its inception, the Start Path team sees first-hand how the FinTech landscape has matured yet continues to evolve in reaction to new technologies and levels of competition. For example, seed and angel deal share is declining for tech startups, while Series A, B and C deals are rising significantly.

Wave 13 startups

A six-month virtual and in-person engagement program, the Start Path model supports later-stage FinTechs and startups scaling into new opportunities and markets. Participating firms benefit from access to subject matter experts across the organization and facilitated introductions to our global network of customers, which includes internationally recognized financial institutions and merchants. It is with these strategic connections, based on the startups’ and customers’ specialties and needs, where pilots begin and we break ground towards long-term value creation.

The newest Mastercard Start Path companies join nearly 200 startups located worldwide, which have raised a cumulative $1.4 billion in capital since joining the program. Today, these organizations are entering the public markets, reaching unicorn status and entering extended commercial engagements with us and our customers.

Here are the latest entrants to our network of innovators:

  • Aider is an AI-powered conversational digital assistant giving small businesses an edge from better data-driven decisions and actionable insights.
  • Ellevest is a company designed by women to get women investing in minutes.
  • FraudNet helps companies mitigate and prevent fraud. It is the only “glass-box” fraud prevention platform, offering a transparent presentation of data, real-time decisioning and machine learning.
  • Infinicept helps software companies monetize payments with Payment Facilitator in a Box™, a merchant underwriting and back office platform that can work with any bank, processor or gateway.
  • Konsentus provides financial institutions (FIs) with identity and regulatory checking services of third-party providers (TPPs) to ensure FIs are PSD2 open banking compliant.
  • Moneythor develops software providing more intelligent and contextual digital banking for customers and enhanced marketing and analytics for financial institutions.
  • Nuclei is building a global omni-channel digital banking platform, which enables the banks to build an ecosystem and deliver seamless experiences to their customers.
  • SURE Insurance provides a SaaS platform, CRM, and developer tools that power global insurance companies, consumer brands, and financial institutions to distribute and service any insurance program digitally.
  • TruRating is a flexible, multi-channel solution for engaging with customers and the world’s first point-of-payment customer rating service.
  • ZigZag is an end-to-end logistics SAAS platform helping merchants with customer returns, globally.

The Start Path equation: scale for startups; acceleration for banks and merchants; and powerful results together.

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  • Posted on Monday June 17, 2019
  • Created by James Issokson

It’s Time to Enable People to Use Their True Name on Cards

For many in the LGBTQIA+ community, the name on their credit, debit or prepaid card does not reflect their true identity. As a result, for the transgender and non-binary communities in particular, the card in their pocket can serve as a source of sensitivity, misrepresenting their true identity when shopping and going about daily life. …
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For many in the LGBTQIA+ community, the name on their credit, debit or prepaid card does not reflect their true identity. As a result, for the transgender and non-binary communities in particular, the card in their pocket can serve as a source of sensitivity, misrepresenting their true identity when shopping and going about daily life.

Today, Mastercard is making a commitment to address this challenge by introducing the True Name™ card. We are working with partners to create a product, as well as a sensitive and private process free of personal questions, that will allow for true names, not deadnames, to appear on cards without the requirement of a legal name change. This will ease a major pain point for the transgender and non-binary community.

Mastercard calls on the industry to apply these standards for everyone, ensuring a way for people’s financial products to reflect their true identity.

Overall, nearly one-third (32%)* of individuals who have shown IDs with a name or gender that did not match their presentation reported negative experiences, such as being harassed, denied services, and/or attacked. As such, many transgender individuals choose to forego the cost, complexity and anxiety associated with official name and gender changes. Until now, this discrimination has carried through to their cards and payment mechanisms.

In a panel discussion on Monday with the New York City Commission on Human Rights, Mastercard unveiled this initiative and is working to bring the True Name card to market.

“We are allies of the LGBTQIA+ community, which means if we see a need or if this community is not being served in the most inclusive way, we want to be a force for change to help address and alleviate unnecessary pain points,” said Randall Tucker, Chief Diversity and Inclusion Officer for Mastercard. “This translates not only for our Mastercard employee community but for our cardholders and the communities in which we operate more broadly. Our vision is that every card should be for everyone.”

* Source: James, S. E., Herman, J. L., Rankin, S., Keisling, M., Mottet, L., & Anafi, M. (2016). The Report of the 2015 U.S. Transgender Survey. Washington, DC: National Center for Transgender Equality.

 

 

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  • Posted on Thursday June 06, 2019
  • Created by Macy Salama

Cannes Lions: Mastercard’s Multisensory Brand Immersion with Special Guest Lang Lang

The world continues to transform at an incredible pace impacting everything around us – including how consumers interact with brands. The IoT, 5G, AI, wearables and the rise of voice technologies are pushing the boundaries of what we can see and hear, leading us to more personalized, immersive and sensory driven experiences. Reimaging how the …
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The world continues to transform at an incredible pace impacting everything around us – including how consumers interact with brands. The IoT, 5G, AI, wearables and the rise of voice technologies are pushing the boundaries of what we can see and hear, leading us to more personalized, immersive and sensory driven experiences.

Reimaging how the senses – sight, sound, smell, taste and touch – can play a role in branding opens up new opportunities and dimensions of how the world interacts with brands. Mastercard Chief Marketing and Communications Officer Raja Rajamannar, takes to the Cannes Lions Debussy Stage on Tuesday, June 18 to share the rationale behind the company’s multisensory brand reinvention – including its move to become a symbol brand and the launch of its sonic identity — and why every brand marketer needs to rethink their brand strategy for the digital age.

Renowned Chinese concert pianist and composer Lang Lang will join Rajamannar on stage for a special performance to demonstrate the power of sound.

“Multisensory brand expressions are going to play an unprecedented role in our lives, and I am thrilled to have Lang Lang join me at Cannes Lions to remind and inspire us all to rethink what is possible,” Rajamannar said. “If a brand appropriately connects with consumers using all five senses they will really be able to genuinely get in the hearts and minds of people.”

 

In addition to Tuesday’s mainstage presentation, Mastercard will be present in a number of important discussions around gender equality and data & technology. Full schedule below:

Monday, June 17

  • 2:15 p.m. – 2:45 p.m.: Panel, ANA #SeeHerInSports at the Martinez Hotel

Tuesday, June 18

Thursday, June 20

Follow @MastercardNews and @RajaRajamannar on twitter for updates.

 

 

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  • Posted on Monday June 03, 2019
  • Created by Derek Ho

Mastercard Receives Asia-Pacific Economic Cooperation Privacy Certification

Today, we’re excited to announce that Mastercard has received certifications under the Asia-Pacific Economic Cooperation (APEC) Cross Border Privacy Rules system and the Privacy Recognition for Processors system. Mastercard is now one of the few companies that have both implemented Binding Corporate Rules approved by the EU data protection authorities, and achieved the APEC certifications. …
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Today, we’re excited to announce that Mastercard has received certifications under the Asia-Pacific Economic Cooperation (APEC) Cross Border Privacy Rules system and the Privacy Recognition for Processors system. Mastercard is now one of the few companies that have both implemented Binding Corporate Rules approved by the EU data protection authorities, and achieved the APEC certifications.

“Mastercard’s APEC privacy certifications are a significant external recognition of the company’s data privacy leadership as an accountable and trusted organization,” said Bojana Bellamy, president of the global privacy think tank Centre for Information Policy Leadership (CIPL).  “Mastercard also demonstrates how the leading global companies can build and implement comprehensive privacy program and controls that work both in the APEC and the EU.”

Designed to help build trust in the data ecosystem and help companies identify qualified and accountable service providers, the certifications demonstrate the company’s continued commitment to protecting the privacy and data integrity of our partners and cardholders.

In order to obtain the certifications, companies must have privacy policies and practices that are consistent with the APEC Privacy Framework. Mastercard’s privacy practices were reviewed and certified as compliant with the CBPR and PRP program requirements by TRUSTe, an APEC approved accountability agent in the United States.

“Privacy and data protection are at the core of our business and embedded into the design of all our products and services,” said Caroline Louveaux, Mastercard’s chief privacy officer.  “Our APEC certifications will serve as another confidence driver for our partners.”

For more information on the APEC systems, please visit: http://cbprs.org.

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  • Posted on Wednesday May 22, 2019
  • Created by Chaiti Sen

Commutes are Set to Become Easier and Faster for Portland-Vancouver Region Transit Riders

At a time when we can do almost anything with a click, tap or swipe, there is nothing more frustrating than fumbling around to find a ticket to pay for a ride. Tapping your transit fare card or iPhone to get around a city is now a reality for commuters in the Portland-Vancouver metropolitan area. The region’s largest transit provider, …
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At a time when we can do almost anything with a click, tap or swipe, there is nothing more frustrating than fumbling around to find a ticket to pay for a ride. Tapping your transit fare card or iPhone to get around a city is now a reality for commuters in the Portland-Vancouver metropolitan area. The region’s largest transit provider, TriMet, is ensuring a ride on its bus lines and MAX Light Rail, as well as C-TRAN buses and the Portland Streetcar, is as simple as tapping to go. Using Mastercard token services, commuters can add a Hop card to their mobile wallet and load funds with complete peace of mind.

Mastercard_Portland_phone_loop_052119

Starting today commuters in the Portland, Oregon and Vancouver, Washington area can add a digital Hop Fastpass transit fare card to their iPhone or Apple Watch to tap and ride. Commuters will be able to add a card purchased through the Hop Fastpass App to Apple Wallet and simply tap their iPhone or Apple Watch to board the area’s public transportation.

In 2017, TriMet enabled all Hop electronic fare card readers to accept contactless bank cards and credit and debit cards in Apple Wallet to ride buses, trains and streetcars. For riders, this meant that there was no time wasted buying fare at the ticket machine, making an extra trip to the store for a pass or holding up the bus while getting change – and no more funds lost on unused tickets. For TriMet and its transit partners, this means reducing barriers for customers.

“TriMet has long been a leader in the transit industry, focused on the customer experience and ways to simplify riding transit,” said TriMet General Manager Doug Kelsey. With Hop Fastpass, the first transit fare card in the US to launch in Apple Wallet, riders in the Portland-Vancouver area can simply tap-and-go by holding their iPhone or Apple Watch near a Hop a reader.”

TriMet’s transit services eliminate 210,000 daily car trips and save over $150 million per year in congestion costs.

“This is a fast-paced world and it’s important that we enable cities to keep pace with their commuters,” says Linda Kirkpatrick, EVP, US Merchants and Acceptance at Mastercard. “We’re thrilled to bring our technology to solve new problems, and by doing so hope to take some of the frustration out of the daily commute.”

Partnering with cities, transit agencies and technology companies, Mastercard has been architecting flexible transit solutions for almost a decade – and is leading the next generation of integrated mobility services.

For more information, please check out Mastercard’s Smart Cities initiative to see how we are bringing collaborative and connected approaches to urban development.

Mastercard Communications Contact

Chaiti Sen

Email: chaiti.sen@mastercard.com

Tel: 914.263.6542

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  • Posted on Wednesday May 08, 2019
  • Created by Macy Salama

Mastercard at Smart Cities New York: Urban collaboration for more inclusive cities

Today, more than half of the global population live in cities, and by 2050 that number is estimated to rise to close to 70 percent. With this exponential growth, city leaders across the United States and around the world are actively planning for their city’s future, creating opportunities and advancing inclusive local economies. At this …
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Today, more than half of the global population live in cities, and by 2050 that number is estimated to rise to close to 70 percent. With this exponential growth, city leaders across the United States and around the world are actively planning for their city’s future, creating opportunities and advancing inclusive local economies.

At this year’s Smart Cities New York conference, Mastercard will showcase how we are creating more connected and inclusive urban experiences with our city and technology partners.

This spirit of partnership is the inspiration behind City Possible, an initiative pioneered by Mastercard that brings together cities, companies and communities from all over the globe to identify common challenges and solutions.

At the City Possible Urban Park, we will host a series of Tech Talks with public sector and industry partners (see schedule below) – featuring Tech-Talks-Schedule_FINALcollaborative efforts designed to accelerate inclusive growth.

An immersive contactless transit showcase will also demonstrate how Mastercard is scaling urban solutions to help more than 150 cities around the world offer residents and visitors a seamless experience when travelling to and across a city.

Mastercard at Smart Cities New York – Schedule 

Panel discussions (Pier 36, 299 South St, New York, NY 10002)

  • Tuesday, May 14, 1:30pm: Miguel Gamino, executive vice president for Global Cities will participate in a panel on “Future of Mobility: Inclusive Urbanization” | Main Stage
  • Wednesday, May 15, 10:30am: Miguel Gamino, executive vice president for Global Cities will join a panel on “Closing the Loop: Advancing a Circular Economy: Sustainable, circular, and clean energy economies” | Stage Two
  • Wednesday, May 15, 3:10pm: Alexander Niejelow will be speaking on a panel on “Transformative Technologies: Innovating to Bring Cyber Security to All” | Main Stage

Tech Talk Schedule – City Possible Urban Park:

Tuesday May 14th

10:45 – 11:10am    Future of Mobility: Matt Blanks, Mastercard (M), Karina Ricks, Pittsburgh, Steve Taylor, Lyft, Pacome Lesage, Kisio, Alexander Baldy, Sao Paolo Transport Secretary

12:00 – 12:30pm    Digital Human Rights: Steve Tae, Mastercard (M), Sergio Fernandez de Cordova, PVBLIC Foundation, Josh Breitbart, NYC, Ger Baron, Amsterdam

12:45 – 1:10pm      Different Cites: One Superpower of Collaboration: Maddie Callis, Mastercard (M), Miguel Gamino, Mastercard, Mark Petit, Akron OH, Sanna-Mari Jantti, Helsinki, David Ricketts, Senior Innovation Scholar, Technology & Entrepreneurship Centre at Harvard (TECH)

2:15 – 2:40pm        Technology for Urban Resilience: Sandy Fernandez, Mastercard (M), Patricia Purcell, UN GC, Paula Pagniez, WTW

Wednesday May 15th

10:45 – 11:10am     Unlocking Potential: Infrastructure, Innovation and Inclusion: Arturo Franco, Mastercard (M), Marcela Escobari, Brookings, Mayor Benjamin of Columbia SC, Matt Watcher, Erie EDC PA

12:00 – 12:35pm     Data Insights for Economic Development: Mark Klupt, Mastercard (M), Nicola Graham, Smart Dublin, Eyal Fender, Zen City, Sapan Shah, Mastercard

12:45 – 1:30pm       Women in Smart Cities: Maddie Callis, Mastercard (M), Alice Charles, WEF, Liora Shechter, Tel Aviv

If you are attending Smart Cities New York, visit the City Possible Urban Park located near the Main Stage. To schedule interviews or booth tours, please contact Nicola.Hammond@mastercard.com.

Follow us for updates on Twitter @MastercardNews & @CityPossible.

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  • Posted on Thursday March 14, 2019
  • Created by Luke Shane

Seven Newest Start Path Startups Ready to Reshape Future of Commerce with Mastercard

The world’s most promising startups and FinTechs today move like Mastercard – in microseconds. We may be different in size, but there are many more similarities than differences, which we witness through Start Path. The award-winning startup engagement program relentlessly scours the globe for firms that offer promising payments technologies and show a readiness for …
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The world’s most promising startups and FinTechs today move like Mastercard – in microseconds. We may be different in size, but there are many more similarities than differences, which we witness through Start Path.

The award-winning startup engagement program relentlessly scours the globe for firms that offer promising payments technologies and show a readiness for scale. After searching around its presence in 210 geographies and beyond, Mastercard and seven startups are descending upon Dublin this week to ignite their collaboration. Together, we will set a blueprint for the next six months between tailored programs, operational support and commercial engagements with the Mastercard ecosystem.

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The newest Mastercard Start Path companies join a network of more than 190 that, through Start Path participation, have gone on to raise more than $1.2 billion in capital and now work with some of the world’s largest banks and widely renowned organizations.

  • Fligoo uses AI, machine learning and big data with a focus on behavior analysis and prediction.
  • LendingFront offers sophisticated and cloud-based small business lending software.
  • mfarmPay is an AI-driven lending solution for African farmers.
  • Monsoon CreditTech enables lenders to use advanced machine learning on a range of traditional data and alternate data to make informed credit decisions.
  • Segasec provides early intelligence for upcoming cyberattacks and defends against hacking threats.
  • Veridium‘s multi-factor authentication solutions use biometrics to safeguard your enterprise’s most critical assets.
  • Voca.ai has created a human-friendly agent that has been proven to increase revenue and customer satisfaction for call centers.

The diverse technologies comprising the latest Start Path wave is a snapshot of the nearly 10,000 startups and FinTechs connected to Start Path since its founding in 2014. It also shows how, through Mastercard Labs, we partner successfully to explore new technologies, accelerate new concepts and deliver transformative growth and change to the commerce landscape.

Startups ready to take their next step forward can apply to join us at www.startpath.com.

 

 

 

 

 

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  • Posted on Monday March 04, 2019
  • Created by Macy Salama

Sharing Our Passion, Action and Impact in Austin

Eighty percent of people believe brands have the power to affect positive change. At Mastercard, we share this belief and relish opportunities to work with fellow creatives, innovators and thought leaders to put it into action. This year in Austin, a place and time where some of the foremost minds in music, film, visual and …
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Eighty percent of people believe brands have the power to affect positive change. At Mastercard, we share this belief and relish opportunities to work with fellow creatives, innovators and thought leaders to put it into action. This year in Austin, a place and time where some of the foremost minds in music, film, visual and interactive arts will assemble, Mastercard will be on-hand sharing ideas on how companies can make a difference in the world.

Our delegation of executives and experts will take part in a range of activities, performances and presentations, highlighting the power of passions and partnerships. We will showcase new dimensions for our brand and share how we’re pushing the envelope in driving social good through our business.

Join us during the festivities, March 8 -17 in downtown Austin, TX, for a first-hand look at how Mastercard is evolving its business and brand to deliver impact for customers.

Driving Impact: From brand transformation to partnerships and inclusive cities 

We will have a powerhouse lineup of Mastercard executives that will be participating in keynotes, panel discussions and special events covering topics from how to create truly digital brands for truly digital consumers, to how smarter cities can create equal opportunity for all.

Here’s a rundown of what’s in store:

Saturday, March 9

  • 3:30 p.m. – 4:40 p.m.: Miguel Gamino, executive vice president for global cities, will participate in a panel on “Unleashing cities’ collective superpower” at the Hilton Austin Downtown (Salon B)
  • 3:30 p.m. – 4:30 p.m.: Shamina Singh, president of Mastercard’s Center for Inclusive Growth, will participate in a panel titled “Can business defend LGBTI rights under fire?” at the JW Marriot (room 203- 304)
  • 5:00 p.m. – 8:00 p.m.: Colleen Taylor, executive vice president, New Payments Business for North America, will be participating in a speak slot session titled “Be Fearless” at Parkside

Sunday, March 10

  • 9:00 a.m. – 10:00 a.m.: Miguel Gamino, executive vice president for global cities, will participate in a panel on “How smart city programs are transforming American cities” at the Kansas City Interactive Hub in Maggie Mae’s
  • 3:30 p.m. – 4:30 p.m.: Raja Rajamannar, Mastercard chief marketing and communications officer, will be leading a solo keynote about “Reimage storytelling through tech and experiences” at the Fairmount (Congressional A)
  • 3:30 p.m. – 4:30 p.m.: Ginger Siegel, vice president, Market Product Management, will be participating at a pop-up panel with Create & Cultivate at The Allan House

Monday, March 11 

  • 9:30 a.m. ‑ 10:30 a.m.: Parag Mehta, executive vice president, Mastercard Center for Inclusive Growth, will participate in a dual panel titled “Can the private sector solve inequality? #RethinkCSR” at The Line (Ballroom 1)

Wednesday, March 13 

  • 1:00 p.m. – 2:00 p.m.: Raja Rajamannar, Mastercard chief marketing and communications officer, will be participating in a fireside chat titled “Connecting people through their passions – technology as the key for new collaborations” with co-presenter Bjorn Ulvaeus from ABBA at House of Scandinavia on the outside stage.

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  • Posted on Thursday February 21, 2019
  • Created by Rose Beaumont

Mastercard at #MWC19: Trusted Life Connections

As our lives continue to be more digitally connected and interactive, the way we use and consume products, services and brands is no longer a simple exchange, but a relationship we build. Trust lies at the centre of every relationship; but who and how we trust is changing, and the way we build trust is …
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As our lives continue to be more digitally connected and interactive, the way we use and consume products, services and brands is no longer a simple exchange, but a relationship we build. Trust lies at the centre of every relationship; but who and how we trust is changing, and the way we build trust is evolving. From making a payment to sharing information in the digital and physical worlds, safety and security are table stakes, while connections and understanding are the new currency.

Join us from Monday, February 25th to Thursday 28th in Barcelona (Hall 5, Stand 5D61) to learn more about how Mastercard’s innovative products and services are building trusted life connections to help people get from ‘to do’, to ‘done’ in a way that gives them freedom of choice, ultimate ease and total peace of mind.

Among the senior executives available for briefings in Barcelona, are:

Ann will be available to offer business insights and is specifically interested in the topics of inclusion, the power of partnerships and trust

  • Jorn LambertExecutive Vice President, Digital Solutions

Jorn is responsible for our relationships with the tech players – from device makers to telcos and social networks

  • Tara NathanExecutive Vice President, Humanitarian & Development 

Tara and her team work with partners in the Humanitarian & Development space

Raja will be in Barcelona to talk about the newly launched sound of Mastercard as well as offering his expertise to a judging panel in the Health Tech showcase

  • Bart WillaertExecutive Vice President, Market Solutions and Deployment

Bart can talk about Mastercard’s overall digital strategy and more specifically about our Engage program

  • Paolo BattistonExecutive Vice President, Digital Payments & Labs, Europe

Paolo is responsible for the management and development of emerging payment products across Europe, including e-commerce, m-commerce, p2p payments, contactless and inControl.

Among the highlights at this year’s Mobile World Congress:

  • Our stand will feature an immersive commerce shopping experience, cardless ATM withdrawal via mobile, financial inclusion concepts for developing markets, wearable devices showing the wealth of new choices for consumers for how they want to pay plus security solutions designed to protect against fraud in ecommerce, and much more.
  • Monday 25th February: Ann Cairns, Mastercard Vice Chairman will be the opening keynote speaker for the Ministerial Programme with a talk on Redefining Inclusion
  • Monday 25th February: Jorn Lambert, Executive Vice President, Digital Solutions will take part in the Digital Transformation: Reinventing your Customer Relationships session
  • Wednesday 27th February: Raja Rajamannar, Mastercard Chief Marketing & Communications Officer and President, Healthcare will open the Partnering for Impact: Health-Tech Innovation Showcase then judge new start-up pitches
  • Thursday 28th February: Tara Nathan, Executive Vice President, Government and Development will take part in The Future of Digital Humanitarian Response: Partnership & Innovation debate
  • Thursday 28th February: Rose Beaumont, Senior Vice President, Business Enablement & European Communications will lead a panel discussion on Innovation at the Women4Tech Summit

Be sure to visit the Mastercard Engagement Bureau and follow @MastercardEU on Twitter for updates throughout Mobile World Congress 2019.

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  • Posted on Friday February 08, 2019
  • Created by Julia Monti

Mastercard SpendingPulse: Love for Experiences Is in the Air this Valentine’s Day

Restaurants and Hotels expected to see strong sales growth Valentine’s Day is a holiday known for its roses, chocolate, jewelry and, increasingly, experiences like eating out and travel, according to Mastercard SpendingPulse™, which provides insights into overall retail spending trends across all payment types, including cash and check. An analysis of U.S. retail spending trends …
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Restaurants and Hotels expected to see strong sales growth

Valentine’s Day is a holiday known for its roses, chocolate, jewelry and, increasingly, experiences like eating out and travel, according to Mastercard SpendingPulse™, which provides insights into overall retail spending trends across all payment types, including cash and check.

An analysis of U.S. retail spending trends in the week leading up to and including Valentine’s Day found that 2019 could see another positive sales performance, with experiential spending on restaurants and hotels expected to see solid growth.

Other key findings for the pre-Valentine’s Day sales week of February 8 to 14, compared to the same period in 2018:

  • Spending on experiential gifts is expected to continue to grow.
    • For restaurants, retail sales could increase 5.4% to $15.3 billion.
    • Hotels sales may increase 9.0% year-over-year to $1.4 billion.
  • More traditional Valentine’s Day gifts like jewelry and luxury goods may see less traction this year.
    • Jewelry sales are expected to decrease this year to $1.1 billion. This follows a surge in 2018 (compared to 2017) of 26.9 percent.
    • Luxury sales could be roughly flat (down just .4%), generating $250 million.
  • Retail sales growth for Valentine’s Day has seen its ups and downs in recent years, with a noteworthy dip across the board in 2017 due to several factors. Impacts included weather, the day of the week the holiday fell on and overall economic confidence.
  • Last year, tax cuts and larger corporate bonuses coupled with a favorable employment environment led to positive growth in all of the sectors measured (restaurants, jewelry, hotel and luxury).

About Mastercard SpendingPulse:

Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.

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  • Posted on Wednesday December 12, 2018
  • Created by Julia Monti

Cheers! Mastercard Unveils Top Destinations For Dining & Shopping

Home might be where the heart is, but travel opens the door to two of life’s biggest pleasures: dining and shopping. With Global Destination Cities Index: Indulgences, Mastercard takes a deep dive into where visitors spend the most on dining and shopping around the world. The Mastercard Global Destination Cities Index ranks 162 cities in …
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Home might be where the heart is, but travel opens the door to two of life’s biggest pleasures: dining and shopping. With Global Destination Cities Index: Indulgences, Mastercard takes a deep dive into where visitors spend the most on dining and shopping around the world.

The Mastercard Global Destination Cities Index ranks 162 cities in terms of total international overnight visitors and the amount spent by visitors in the destination cities in 2017. With Mastercard Global Destination Cities Index: Indulgences, we look at the amount spent within those cities on dining and shopping. The amount isn’t insignificant, nor is the impact those dollars have on cities’ local economies and the wallets of travelers who go there.

TOP CITIES FOR DINING (FOOD & BEVERAGES)

Whether it be Emirati Harees in Dubai, paella in Palma de Mallorca, pad Thai in Bangkok or champagne in Paris, people are eating—and spending—in these four cities more than any others. Cities such as Singapore and London are also in the top 10 for overall food and beverage spend, but it’s worth noting that travelers are spending a lower percentage of their travel budgets on food in those cities (12.9% and 17.6%), respectively.

Top Global Cities for Dining, Ranked by Dollars Spent
  City 2017 Expenditure on Food & Beverage (US$ billions) 2017 Expenditure (US$ billions) 2017 Share of Overall Expenditure Spent on Food & Beverage
1 Dubai, UAE $5.94 $29.70 20.0%
2 Palma de Mallorca, Spain $3.78 $11.96 31.6%
3 Bangkok, Thailand $3.37 $16.36 20.6%
4 Paris $3.20 $13.05 24.5%
5 New York $3.20 $16.10 19.9%
6 London $3.08 $17.45 17.6%
7 Santa Cruz de la Palma, Spain $2.44 $8.43 28.9%
8 Tokyo $2.41 $11.91 20.3%
9 Istanbul $2.23 $6.75 33.0%
10 Singapore $2.20 $17.02 12.9% 

 

Top Global Cities for Dining, Ranked by Share of Overall Expenditure Spent on Food & Beverage
  City 2017 Expenditure on Food & Beverage (US$ billions) 2017 Expenditure (US$ billions) 2017 Share of Overall Expenditure Spent on Food & Beverage
1 Dublin $.80 $2.22 36.0%
2 Stockholm, Sweden $.40 $1.19 34.0%
3 Bogota, Colombia $.23 $.68 33.6%
4* Sao Paulo $.42 $1.27 33.3%*
4* Rio de Janeiro $.26 $.79 33.3%*
5* Istanbul & Antalya, Turkey $2.23 $6.75 33.0%*
5* Antalya, Turkey $1.96 $5.94 33.0%*
6 Malaga, Spain $.84 $2.62 32.2%
7 Montreal $.56 $1.73 32.2%
8 Palma de Mallorca, Spain $3.78 $11.96 31.6%
9 Vienna $.62 $1.99 31.0%
10 Lisbon, Portugal $.64 $2.09 30.9%

* Data available at the national level only

TOP CITIES FOR SHOPPING

GDCI: Indulgences reveals that travelers are also spending big in Dubai and London when it comes to shopping, whether purchasing clothes, souvenirs or other goods. That said, visitors to London, Seoul and Johannesburg, in particular, might want to bring a bigger suitcase. International travelers to all three are spending at least 40 percent of their travel budgets on shopping.

Top Global Cities for Shopping, Ranked by Dollars Spent
  City 2017 Expenditure on Shopping (US$ billions) 2017 Expenditure (US$ billions) 2017 Share of Overall Expenditure Spent on Shopping
1 Dubai, UAE $8.91 $29.70 30.0%
2 London $8.54 $17.45 49.0%
3 Makkah, Saudi Arabia $5.76 $18.45 31.2%
4 Tokyo, Japan $5.13 $11.91 43.1%
5 Singapore, Singapore $4.70 $17.02 27.6%
6 Bangkok, Thailand $3.75 $16.36 22.9%
7 Seoul, Korea $3.42 $7.21 47.4%
8 New York $3.40 $16.10 21.1%
9 Kuala Lumpur, Malaysia $2.69 $8.59 31.3%
10 Paris $2.42 $13.05 18.5%

 

Top Global Cities for Dining, Ranked by Share of Overall Expenditure Spent on Shopping
  City 2017 Expenditure on Shopping (US$ billions) 2017 Expenditure (US$ billions) 2017 Share of Overall Expenditure Spent on Shopping
1 Bloemfontein, South Africa $.11 $.17 64.4%
2 Polokwane, South Africa $.46 $.76 60.1%
3 Warsaw, Poland $.42 $.70 59.8%
4 Copenhagen, Denmark $.91 $1.61 56.7%
5 Johannesburg, South Africa $1.10 $2.14 51.5%
6 Nelspruit, South Africa $.19 $.39 49.4%
7* London $8.54 $17.45 49.0%*
7* Edinburgh, United Kingdom $.61 $1.24 49.0%*
8 Chiba, Japan $.23 $.48 47.8%
9 Seoul, Korea $3.42 $7.21 47.4%
10 Osaka, Japan $2.26 $5.21 43.4%

* Data available at the national level only

There are eight cities on the top list for dining and seven cities on the top list for shopping that are also a part of the Mastercard Priceless Cities experiential travel platform where travelers from over 90 countries can access unique and unforgettable experiences in over 40 cities around the world.

“Whether at home or on the road, nothing brings people together like food. It’s an experience like no other, allowing people to connect with the culture, history and unique flavor of each place they visit,” says Monica Biagiotti, executive vice president of consumer marketing and sponsorships at Mastercard. “Experiences are at the heart of what travelers value, which is why we offer programs like Priceless Cities to allow travelers to dive into each city’s unique culture by sipping wines at Le Repaire de Bacchus within Printemps Haussmann in Paris or shopping the traditional souqs in Dubai with a guide.”

Mastercard is focused on helping cardholders travel the world with peace of mind through seamless planning, conveniences and connectivity at the destination and worry-free acceptance at millions of locations around the globe. Compelling travel offerings and benefits help travelers every step of their journey. More information can be found at mastercard.com.

The Mastercard Global Destination Cities Index and GDCI: Play Index, a breakout report focused on the top leisure destinations, were released earlier this year.

About the Mastercard Global Destination Cities Index

The Mastercard Index of Global Destination Cities ranks cities in terms of the number of their total international overnight visitor arrivals and the cross-border spending by these same visitors in the destination cities in 2017, and gives international overnight visitor growth forecasts for 2018.

Public data is used in deriving the international overnight visitor arrivals and their cross-border spending in each of the 162 destination cities.

Forecasts are based upon the weighted average of the national level tourism forecasts and the actual 2018 monthly data at the destination level, which is available to the latest month before release.

This Index and the accompanying reports are not based on Mastercard volumes or transactional data.

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  • Posted on Friday November 09, 2018
  • Created by Luke Shane

Taking a Do-it-Together Approach: Side-by-Side with Startups

Leave the do-it-yourself projects at home and make way for do-it-together. While do-it-yourself may have worked previously, Mastercard believes the best way to drive scale and unlock new opportunities for businesses large and small is through collaboration – the answers to the questions surrounding today’s connected and complicated world aren’t found in one place. Besides, …
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Leave the do-it-yourself projects at home and make way for do-it-together.

While do-it-yourself may have worked previously, Mastercard believes the best way to drive scale and unlock new opportunities for businesses large and small is through collaboration – the answers to the questions surrounding today’s connected and complicated world aren’t found in one place.

Besides, who’s going to read you the directions when you’re holding the nail and hammer?

Mastercard Developers is our single gateway for our partners to easily access a diverse range of Mastercard APIs across payments, data, security and experimental categories. By using Mastercard’s renowned technology, innovation is powered elsewhere.

“Because Mastercard APIs unlock new potential, we are expanding Mastercard Developers to include a Partner API category and provide even more value-added services,” said Lisa Bongiovi, vice president for APIs.

The sources of the partner APIs? Mastercard Start Path companies. YouTube Video: Morning Brew: Scaling Innovation and Startup Culture at MasterCard start path keychain

Start Path, Mastercard’s award-winning startup engagement program, leverages company experts, technologies and channels to connect later-stage startups with banks and merchants.

“After almost five years and working with 180 startups globally, Start Path has cultivated a global network of innovators building the future of commerce,” said Amy Neale, vice president, who leads Start Path.

By linking both audiences, Mastercard is paving the rocky road of opportunity.

Here are the partner APIs, sourced by Start Path:

  • Railsbank: A global banking and compliance platform providing access to wholesale banking services in just five lines of code.
  • Shieldpay: The Shieldpay Escrow API enables secure transactions by using confirmed actions to release payment funds.
  • Vouchr: Vouchr turns existing money transfers or digital prepaid services into a gamified gift-giving experience.

Mastercard recently introduced 10 new startups into the Start Path program. Under bespoke training programs, these companies are now engaging with banks, merchants and other members of the payments ecosystem to accelerate solutions and diagnose realized pain points.

  • kompany provides real-time access to official and audit-proof commercial register information, including company filings covering more than 100 million companies in 150+ jurisdictions.
  • Aivo revolutionizes the communication between companies and their customers, using artificial intelligence.
  • Cerebri.ai uses artificial intelligence and machine learning to quantify customer commitment and dynamically predicts “Next Best Actions” to accelerate profitable growth.
  • MAX is on a mission to make moto-taxis safe, affordable and accessible across West Africa.
  • Mercaux enables retailers to provide the digital in-store experience.
  • Signzy harnesses a combination of the blockchain and artificial intelligence to offer digital onboarding solutions for financial institutions.
  • Sparkle CS removes a significant barrier to entry for retail application vendors.
  • Stratifyd captures customer interactions and turns them into actionable business intelligence.
  • Trust Stamp powers a comprehensive AI-powered facial biometric identity authentication solution.
  • Uniken gives organizations multiple protections against fraud in one seamless solution.

The do-it-together approach will advance commerce with convenience and conviction and move everyone closer to a World Beyond Cash.

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  • Posted on Monday November 05, 2018
  • Created by Bernhard Mors

Mastercard at Smart City Expo: Welcome to City Possible!

Every month, the world’s urban population grows by six million. That’s the same number of people currently living in Singapore or Toronto – moving to cities across the globe in search of new opportunities. This influx of new residents brings increased cultural and commercial growth – the very things that make cities feel vibrant and …
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Every month, the world’s urban population grows by six million. That’s the same number of people currently living in Singapore or Toronto – moving to cities across the globe in search of new opportunities.

This influx of new residents brings increased cultural and commercial growth – the very things that make cities feel vibrant and alive. It also causes issues: managing complex demands on legacy infrastructure and ensuring access to essential services are shared challenges for cities of all shapes and sizes.

Mastercard is squarely focused on advancing inclusive urbanization – using our technology, data insights and partnerships to connect communities, enable mobility, and drive small business growth.

That means putting people at the center of urban design – and focusing on initiatives that improve quality of life.

Mastercard_SCE 2018

This is the inspiration for City Possible, a new approach to addressing urban challenges by bringing cities together with a united private sector. Next week at Smart City Expo World Congress in Barcelona, Mastercard invites city, business and community leaders to experience the power of collaboration through a series of demos and conversations.

In addition to Partner Talks that will be hosted in our booth (space #B225) throughout the conference, Mastercard executives will participate in a number of congress sessions:

Tuesday, November 13:

  • 4:00 – 5:00 p.m.: Miguel Gamiño, executive vice president for global cities will participate in a key-note panel on “Bringing down barriers: what building an all-inclusive society means” (Main Auditorium).
  • 6:20 – 7:10 p.m.: Will Judge, vice president, enterprise partnerships will participate in a talk on “How interconnected devices can change life in a city” (Digital Transformation Room).

Wednesday, November 14:

  • 11:45 a.m. – 12:30 p.m.: Hany Fam executive vice president, enterprise partnerships will lead a panel on “Innovative ways of collaboration” (Governance & Finance Room).

For updates on Smart City Expo, follow us on Twitter. If you are a member of the media planning to attend, please contact the team to set up a meeting.

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  • Posted on Wednesday October 24, 2018
  • Created by Bernhard Mors

Mastercard at CityLab Detroit: Unlocking Possibilities to Create Opportunity for All

As the world becomes increasingly urban, it also becomes clear that cities have more in common than meets the eye. Urban centers from Seattle to Sydney and São Paulo face similar challenges, such as providing basic housing and transportation, education and employment to their growing populations. Mastercard believes the answer lies in rethinking the way cities …
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As the world becomes increasingly urban, it also becomes clear that cities have more in common than meets the eye. Urban centers from Seattle to Sydney and São Paulo face similar challenges, such as providing basic housing and transportation, education and employment to their growing populations.

CL18-socialBannerMCMastercard believes the answer lies in rethinking the way cities and businesses work together – and how we move the conversation from sharing challenges to jointly unlocking possibilities.

This is the inspiration for City Possible, a new approach that brings together global cities, joins them up with a united private sector, and focuses on “making tech work for people”. When we connect forward-thinking leaders from cities, businesses, communities and academia to co-create, they can build more robust solutions for people everywhere.

Imagine delivering social disbursements on a card that can be used in any store, or informing urban planning with actionable data insights, or making it easier for commuters to get around a city simply by tapping their phone. These are all actual examples of how Mastercard works with its partners to make urban experiences more connected and more inclusive.

Next week at CityLab Detroit, Mastercard will join urban leaders from around the world to discuss ways to create opportunity for all. On October 29 and 30, Mastercard executives will participate in a number of sessions at the event:

Monday, October 29

  • 12:30 – 1:00 p.m.: Miguel Gamiño, executive vice-president for global cities will host an ‘exchange’ session to discuss public-private collaboration for urban development.
  • 1:15 – 2:15 p.m.: Miguel Gamiño, will introduce a break-out session on “How Far Should Cities Go to Woo Big Employers?”.

Tuesday, October 30

  • 9:25 – 9:40 a.m.: Mike Froman, vice chairman and president of strategic growth will join a conversation on “Making the Digital Economy Work For All” on the main stage.
  • 12:30 – 1:30 p.m.: Parag Mehta, executive director, Mastercard Center for Inclusive Growth will host an ’exchange’ session on advancing inclusion through research, data philanthropy, and community engagement.

Be sure to visit the Engagement Bureau and follow us on Twitter for updates on CityLab Detroit. If you are a member of the media planning to attend, please contact the team to set up a meeting.

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  • Posted on Tuesday October 23, 2018
  • Created by Margaret Curran

Mastercard and Topgolf Tee Up Priceless Offers and Benefits for Cardholders

Mastercard has been announced the Official Payment System and Preferred Card of Topgolf, the global sports entertainment community. Starting in 2019, Mastercard cardholders will have access to an exclusive suite of benefits and perks designed to enrich their Topgolf experience – whether hitting at the bays or attending a concert in one of their 41 …
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Mastercard has been announced the Official Payment System and Preferred Card of Topgolf, the global sports entertainment community. Starting in 2019, Mastercard cardholders will have access to an exclusive suite of benefits and perks designed to enrich their Topgolf experience – whether hitting at the bays or attending a concert in one of their 41 entertainment venues.

Mastercard cardholders will receive access to reservation times and preferred pricing at Topgolf locations nationwide. Whether a golfer or non-golfer, a Mastercard cardholder’s next swing at Topgolf can unlock Priceless experiences including the chance to receive surprise lessons and golf clinics led by Mastercard Golf Ambassadors. Mastercard and Topgolf plan to innovate and integrate payment technologies in Topgolf venues that will make the transaction experience simpler and unique for today’s more digital consumer.

“Mastercard is excited to partner with Topgolf to bring Mastercard cardholder’s unique benefits and access to get inside the game of golf,” said Cheryl Guerin, executive vice president of North America Marketing and Communications at Mastercard. “Our partnership with Topgolf allows us to continue to connect people and fuse passions in meaningful ways.”

Topgolf guests who use their Mastercard for all transactions online and in-venue will be eligible to win exclusive trips and priceless experiences. They will also have the opportunity to fuse their passions and have access to exclusive pre-sales and discounted tickets to Topgolf events, including concerts, academies and many other special events.

Take a Swing and Perfect your Game at Money2020

Topgolf fans attending Money20/20 at the Venetian Hotel in Las Vegas Oct. 22-24 can visit Mastercard Booth #1820 to practice their swing in a Topgolf Swing Suite Go. Legendary golfer and Mastercard ambassador, Annika Sorenstam, will be making a guest appearance at Topgolf Las Vegas on Oct. 23rd helping customers perfect their swing with Priceless Lessons. For more details, please visit topgolf.com/partnerships.

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  • Posted on Wednesday October 03, 2018
  • Created by Sarah Ely

Mastercard to Show its Money Moves at #Money2020

Company to address applying technology to adapt to today’s digital lifestyle We live in a world where people can move from virtual to augmented to mixed realities seamlessly. In simple words from physical to digital and back again. Where commerce is enabled through phones, websites, fitness bands, smart mirrors, cars, shoppable windows – and just about …
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Company to address applying technology to adapt to today’s digital lifestyle

We live in a world where people can move from virtual to augmented to mixed realities seamlessly. In simple words from physical to digital and back again. Where commerce is enabled through phones, websites, fitness bands, smart mirrors, cars, shoppable windows – and just about any other environment you can think of. This future is possible by bringing innovation to every aspect of life and business in a way that empowers people, unlocks business potential and grows economies.

Join Mastercard at Money20/20, October 21-24 at the Venetian Hotel in Las Vegas, Money2020DPKfor a first-hand look at how the company is applying technology in ways that add real value for partners – banks, retailers and digital companies; who in turn, are helping to create new solutions that address and adapt to today’s digital lifestyle.

 

Driving Industry Dialogue on Life in a Digital World

Over the course of the conference, Mastercard executives will participate in a keynote, as well as moderated panel discussions and a fireside chat covering topics including smarter cities, tokenization and loyalty.

  • Keynote Session: Craig Vosburg, President North America

“Smart Cities: The Role of Tech in Solving Urban Challenges”

Tuesday 10/23 @ 11:15 AM Revolution Stage at Venetian Ballroom Level 2

  • Payments & Platforms Track Panel: Jess Turner, EVP Digital Payments

“What’s Next for Tokenization”

Tuesday 10/23 @ 1:00 PM The Vault at Titan Ballroom, Level 2

  • Digital Marketing & CX Track Panel: Trish Asgeirsson, SVP Loyalty Solutions

“The Loyalty Singularity: The Future of Customer Engagement”

Tuesday 10/23 @ 1:00 PM Wavemakers at Lido Ballroom, Level 3

  • Digital Marketing & CX Track Fireside Chat: Sherri Haymond, EVP Digital Partnerships

“How Tech Can Lyft Everyday Life for Priceless Brand Loyalty”

Tuesday 10/23 @ 3:20 PM Wavemakers at Lido Ballroom, Level 3 

Showcasing How Money Moves in a Digital World

Within its exhibit space (Booth #1816) Mastercard will feature immersive product and solution demonstrations – from frictionless shopping and new payment flows to smart cities and added value solutions beyond the payment – showcasing its work with partners and customers to power money moves in a digital world. This includes the artificial intelligence and device based insights of our Brighterion and NuData businesses, as well as test and learn capabilities of APT and real-time payments with Vocalink.

Engaging Startups to Develop the Next Innovations in Money Moves

Mastercard will be a supporting partner of the Money20/20 Startup Academy. The Mastercard Start Path team will be on hand to deliver networking opportunities for startups and established industry leaders including a pitch breakfast that will take place the morning of Tuesday, October 23rd. Mastercard Start Path participants will also be featured in StartUp City on-site at the show.

Be sure to visit the  Engagement Bureau and follow us on Twitter for updates on Money20/20. If you are a member of the media planning to attend, please contact the team to set up a meeting.

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  • Posted on Thursday September 06, 2018
  • Created by Seth Eisen

Mastercard Commitment to Privacy

There continues to be misreporting of Mastercard data practices. We want to be clear: we do not sell individual transaction data. We never have and never will. This is the backbone of all of our data practices. Mastercard operates a global network that facilitates hundreds of millions of transactions every day to drive commerce. Those …
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There continues to be misreporting of Mastercard data practices. We want to be clear: we do not sell individual transaction data. We never have and never will. This is the backbone of all of our data practices.

Mastercard operates a global network that facilitates hundreds of millions of transactions every day to drive commerce. Those transactions rely on moving data between thousands of banks and millions of merchants worldwide.

When processing transactions, we see the card number, the merchant name, location and the date and amount of transaction. When cardholders use their cards: we don’t know who they are – because we only see an account number – or what they purchased – because we don’t know what’s in their cart. We don’t know if they bought red or pink lipstick or any lipstick at all, simply the total amount spent at a merchant on a particular date.

We build world-class products and services. We pride ourselves in being leaders in technology, security and privacy and have incorporated the highest privacy standards into our product design. In fact, we have implemented the EU-GDPR standards globally as our privacy by design methodology.

We recognize that earning and maintaining the trust of our customers and cardholders is critical for our future.  We’re proud of our record and will continue to deliver on the foundation that we’ve built on that trust.

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  • Posted on Thursday August 09, 2018
  • Created by James Issokson

Mastercard continues commitment to small businesses in Canada with new agreement

Mastercard today announced it will continue to reduce its overall interchange rates for consumer credit cards in Canada, helping to lower costs for small and medium sized businesses. As part of a new voluntary five-year commitment with the Government of Canada, Mastercard will lower its annual average effective interchange rate to 1.4 per cent. These …
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Mastercard today announced it will continue to reduce its overall interchange rates for consumer credit cards in Canada, helping to lower costs for small and medium sized businesses.

As part of a new voluntary five-year commitment with the Government of Canada, Mastercard will lower its annual average effective interchange rate to 1.4 per cent. These changes will begin in May 2020, once the current voluntary commitment expires, and will result in lower interchange rates for merchants across the country.

In 2014, Mastercard signed a voluntary five-year agreement with the Government of Canada to reduce interchange rates beginning in 2015. Since then, its commitment has delivered lower rates to over 700,000 businesses across the country and about $1 billion back to the business community. In 2016, the Federal Government acknowledged Mastercard had met its commitment to reduce interchange fees. This included reductions for small and medium sized business and charities. Mastercard again met its commitment in 2017 and 2018.

Mastercard continues to take a fair and balanced approach to further enhance the value of electronic payments for businesses and consumers. For businesses, the value of electronic payment acceptance includes guaranteed payment, increased sales, fraud protection, operating efficiencies and the safety of not handling cash. For consumers, they offer safe and convenient payment options. Consumers can also rest easy knowing they are protected with Mastercard’s Zero Liability policy.

This timeline illustrates Mastercard’s commitment to small business in Canada and more information on interchange can be found here.

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  • Posted on Monday July 16, 2018
  • Created by Robyn Cottelli

Mastercard Brings STEM Education Program to Major League Baseball Youth Academies

Girls4Tech™ comes to Washington Nationals Youth Academy and DREAM Charter School in New York with curriculum that has reached 50,000+ girls Mastercard recently teamed up with Major League Baseball and the Washington Nationals Youth Academy to bring its signature Girls4Tech STEM program to Washington, D.C. Following the Girls4Tech workshop, the 22 participants, ages 9-13, were …
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Girls4Tech™ comes to Washington Nationals Youth Academy and DREAM Charter School in New York with curriculum that has reached 50,000+ girls

Mastercard recently teamed up with Major League Baseball and the Washington Nationals Youth Academy to bring its signature Girls4Tech STEM program to Washington, D.C.

G4T and MLB

Following the Girls4Tech workshop, the 22 participants, ages 9-13, were surprised at Nationals Park with a visit from Nationals’ pitcher and 2018 All-Star, Max Scherzer. A select group of these students will walk on the field with the starting lineups of the MLB All-Star Game presented by Mastercard as Girls4Tech Champions and Mastercard Youth Ambassadors.

“We are really thankful that Mastercard allowed us to have this opportunity to engage with our girls in this important way,” said Tal Alter, vice president, Dream Foundation & Youth Baseball Academy.

With Mastercard employees serving as role models and mentors, the company hopes to bring the curriculum to additional MLB Youth Academies this year, starting with the New York Yankees. The team will host students at the stadium following a Girls4Tech event with girls from DREAM Charter School in New York on July 31.

“At Mastercard, we want to inspire young girls to build STEM skills that will help them become leaders of tomorrow,” said Susan Warner, senior vice president of volunteering. “With women making up nearly 50 percent of the workforce today, all technology companies, including ours, will be better and stronger. And to us, that’s priceless.”

Girls4Tech was created to inspire girls to pursue STEM careers through a curriculum that’s based on global science and math standards and showcases Mastercard payment technology — encryption, fraud detection, data analysis, digital convergence and more. Now entering its fourth year, Girls4Tech just celebrated a significant milestone of reaching 50,000 girls by:

  • Hosting events in 21 countries—Argentina, Australia, Belgium, Brazil, Bulgaria, Colombia, China, Germany, India, Italy, Ireland, Kenya, New Zealand, Nigeria, Poland, Singapore, Spain, South Africa, UAE, US and the UK
  • Translating the program into nine languages: Italian, German, French, Portuguese, Bulgarian, Spanish, Chinese, Polish and sign language
  • Partnering with UN Women in Singapore, Be Better China and NFTE
  • Expanding the curriculum to include two new programs: Girls4Tech in a Day and Girls4Tech & Code, a 20-week mentoring program in the U.S.

The 2018 MLB All-Star Game presented by Mastercard will be played at Nationals Park, home of the Washington Nationals, and broadcast live on FOX at 7:30 p.m. ET on July 17.

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  • Posted on Friday July 06, 2018
  • Created by Venture Liang

Mastercard at World Cities Summit: Powering People’s Possibilities 

Cities are drivers for global economic growth and innovation. At the same time, they are challenged by growing populations and the speed at which new technologies emerge. The most successful cities of the future will harness the collective super-power of private, public and people collaboration. At World Cities Summit, taking place in Singapore next week, …
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Cities are drivers for global economic growth and innovation. At the same time, they are challenged by growing populations and the speed at which new technologies emerge. The most successful cities of the future will harness the collective super-power of private, public and people collaboration.

WCS

At World Cities Summit, taking place in Singapore next week, Mastercard will showcase how we are partnering with cities across the globe to open up more possibilities for more people. By applying partnerships, technologies and insights, everyday urban life can become more intuitive and more inclusive.

Visit our City Possible booth to see how we are helping cities to deliver more connected commerce, tourism, and mobility experiences.

Mastercard executives will participate in a number of sessions at the event:

Monday, 9th July:

  • 11:00 am – 12:30 pm: Hany Fam, executive vice president, enterprise partnerships, will join a main-stage panel on “Does Public-Private-People (3P) Collaboration Yield the Best Social Innovations?”. – Level 5, Ballroom N
  • 5:00 – 7 pm: Miguel Gamino, executive vice president, global cities, and Gerald Sun, vice president, trade & industry, will host a series of conversations on enabling smart cities around the world. – Level 5, 5202 & 5302

Tuesday, 10th July:

  • 12:45 – 2:15 pm: Miguel Gamino will host a series of conversations on enabling smart cities around the world. – Level 5, Ballroom O
  • 3:50 – 4:30 pm: Hany Fam will participate in a conversation on “Smart nation, big data, digitization – What place do they have in reducing our emissions and making cities climate resilient?” at a session hosted by C40 Cities. – Level 5, Lotus Room

If you are attending World Cities Summit, visit our booth and join our sessions. To schedule interviews or booth tours, please contact venture.liang@mastercard.com.

Follow us for updates on Twitter @MastercardAP and @MastercardNews.

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  • Posted on Wednesday May 23, 2018
  • Created by Marisa Bianchi

Mastercard Start Path Program Helps More Startups Thrive

Startups from around the world are developing niche technologies that are making life simpler and more convenient, but they struggle to find the right partners that can take their solutions farther. To help them make a bigger impact, Mastercard today welcomed 11 new startups to the eighth wave of the Mastercard Start Path program. Mastercard …
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Startups from around the world are developing niche technologies that are making life simpler and more convenient, but they struggle to find the right partners that can take their solutions farther.

To help them make a bigger impact, Mastercard today welcomed 11 new startups to the eighth wave of the Mastercard Start Path program. Mastercard Start Path is the company’s global initiative to provide startups with the operational support and commercial access needed to scale.

The startups span eight countries and are developing a variety of tools to help businesses manage their daily tasks, sell to customers overseas, and better engage consumers in an increasingly digital world.

“Startups need the right digital tools to thrive, whether they’re just getting started or keeping up with customer demands,” said Amy Neale, vice president, Mastercard Start Path. “Start Path is a proven way to raise their visibility and bring them the experience and knowhow they need to launch pilots and scale.”

The full list of new Start Path companies includes:

  • DefinedCrowd improves voice assistants and customer support systems by analyzing how people speak and interact
  • Hanzo empowers merchants to interact with consumers through their smartphones
  • Identitii enables secure and trusted information exchange between banks and their customers
  • Iguama expands U.S. online retailers to the LAC market
  • James (by CrowdProcess) allows risk officers to build, test and validate credit scoring models using artificial intelligence
  • Lidya streamlines the small business lending process
  • MarketUP creates online marketplaces and management tools for small business owners
  • OpenSparkz allows consumers to redeem loyalty offers from their existing payment cards
  • SnapSwap delivers a fully automated digital customer onboarding solution for financial services
  • Vouchr – transforms payments into a personal, social and gamified experience
  • The Wallet App – lets consumers save all loyalty, bank and transit cards in a single digital wallet on their smartphones

How to Participate

Applications for the next six-month virtual program will be accepted on a rolling basis. The program is open to startups who are rethinking banking, payments and commerce and have raised a significant seed or Series A round of investment. Interested startups can visit https://www.startpath.com/ for additional information and to submit an application.

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  • Posted on Tuesday May 15, 2018
  • Created by Beth Kitchener

Mastercard at Women in Payments: Advocating for Women

Mastercard continues to celebrate the achievements, innovation and leadership of women by sponsoring Women In Payments, May 14 and 15 in Washington D.C. Themed “The Speed of Change,” this year’s conference provides industry insights and professional advice on trends ranging from cross border ecommerce; diversity and gender parity, faster payments and the rise of the …
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Mastercard continues to celebrate the achievements, innovation and leadership of women by sponsoring Women In Payments, May 14 and 15 in Washington D.C. Themed “The Speed of Change,” this year’s conference provides industry insights and professional advice on trends ranging from cross border ecommerce; diversity and gender parity, faster payments and the rise of the gig economy.

Mastercard voices will be raised in advocacy for women throughout the conference: 

Monday, May 14

  • 7:00 p.m.: Laurie Waligurski, SVP, Strategic Program Management, was be honored with a 2018 Women in Payments Award.
  • Pilar Ramos and Sherri Haymond participated in the event’s mentorship auction.

Tuesday, May 15

  • 9:45am: Raj Seshadri, President, U.S. issuers, will participate in an executive panel discussion with Eve Aretakis, ACI Worldwide; Carol Grunberg, Ant Financial/Alipay; Kathryn Petralia, Kabbage, Inc.; and Rebecca Romero Rainey ICBA on women in the workforce.
  • 11:15 a.m.: Andrea Gilman, senior vice president, product management, will debate the Faster Payments Governance Framework: Why It’s Necessary and How the Industry Can Get Involved with Connie Theien, Federal Reserve and Jan Estep of NACHA.
  • 4:15 p.m. Cheryl Guerin, executive vice president of marketing and communications, will offer a closing keynote address on what “The Speed of Change” means in a constantly evolving industry.

If you are attending Women in Payments and would like to meet with one of our executives, please contact beth.kitchener@mastercard.com.Follow us for updates on Twitter @MastercardNews.

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  • Posted on Monday May 07, 2018
  • Created by Bernhard Mors

Mastercard at SmartCities NY: Partnering for Inclusive Cities

From basic internet access to next-generation public transport, a successful city needs to include everyone, and that requires collaboration across private, public and civic partners. At this week’s Smart Cities New York, Mastercard will showcase how we are creating more connected and inclusive urban experiences together with our city and technology partners – through data-led …
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From basic internet access to next-generation public transport, a successful city needs to include everyone, and that requires collaboration across private, public and civic partners.

scny18At this week’s Smart Cities New York, Mastercard will showcase how we are creating more connected and inclusive urban experiences together with our city and technology partners – through data-led planning, seamless mobility and digital engagement.

At the Mastercard House, visitors can experience the ease and convenience of contactless payments through a Priceless Causes activation. By donating $1.25 to the World Food Programme with a simple tap, students in Bolivia receive one week’s worth of meals.

On May 9 & 10, Mastercard executives and partners will participate in a number of sessions at the event:

Wednesday, May 9:

  • 09:30 – 10:00am: Hany Fam, executive vice president, enterprise partnerships, will outline Mastercard’s vision for City Possible, a new model for urban development (stage A)
  • 12:00 – 12:30pm: Antonia Stroeh, senior vice president, government & development, will join a panel on Smart Havens: From Displacement to Placement (Main Stage)
  • 1:00 – 1:30pm: Trudy Norris-Grey, general manager, Microsoft CityNext, Ger Baron, chief technology officer Amsterdam, and Michael Camninos, co-founder, Smart-Link, will participate in a talk on the Power of Partnerships (stage area, Mastercard House)
  • 3:30 – 4:00pm: Sapan Shah, vice president, enterprise partnerships, will be joined by Matt Cole, president Cubic Transportation Systems, Monali Shah, director of city solutions, HERE Technologies, and Brenna Berman, executive director, City Tech Collaborative, for a conversation on Inclusive Urban Mobility (stage area, Mastercard House)

Thursday May 10:

  • 1:00 – 1:30pm: Urban Economy talk with Jennifer Rademaker, executive vice president, global solution delivery, Mastercard, Maya Weily, professor of urban policy, New School, and Paola Pollmeier, open innovation manager Ruta N, STI Center Municipality Medellín, moderated by Avni Patel, director, Mastercard Center for Inclusive Growth (stage area, Mastercard House)
  • 3:30 – 4:00pm: Mark Klupt, vice president, Mastercard North America, will host a Partnerships panel with Hany Fam, executive vice president, enterprise partnerships, Trudy-Norris-Grey, general manager, Microsoft CityNext, Jason Greenwald, LIVE XYZ, and Adriana Krnáčová, Mayor of Prague (stage area, Mastercard House)

If you are attending SmartCities NY, visit the Mastercard House located near stage A. To schedule interviews or booth tours, please contact beth.kitchener@mastercard.com.

Follow us for updates on Twitter @MastercardNews.

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  • Posted on Thursday May 03, 2018
  • Created by Marisa Grimes

Mastercard Recognized as a Leading Company for Inclusion and Diversity

Mastercard has been recognized by DiversityInc for its efforts to create an inclusive culture built on a foundation of decency and respect. The publication ranked Mastercard fourth on its 2018 list of the top 50 most diverse companies. This is the sixth year in a row Mastercard has been among the top 10 companies for …
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Mastercard has been recognized by DiversityInc for its efforts to create an inclusive culture built on a foundation of decency and respect. The publication ranked Mastercard fourth on its 2018 list of the top 50 most diverse companies. This is the sixth year in a row Mastercard has been among the top 10 companies for diversity. Last year, the company was ranked #7.

In addition to its ranking on the overall list, Mastercard was recognized in several special categories:

DiversityInc Logo

  • #8 for Diverse Recruitment
  • #11 for Diversity Councils
  • #13 for Employee Resource Groups
  • Top company for LGBT Employees

In noting the company’s efforts, DiversityInc cited Mastercard’s commitment to hiring more women at senior levels and closing the gender wage gap as examples of how the company is creating a workplace where everyone can reach their full potential.

“Building diverse teams is just one part of the equation,” said Randall Tucker, Chief Inclusion Officer, Mastercard. “We also have to create an inclusive culture where employees in all their diversity feel valued and respected. Inclusion is a leadership skill that has to be developed. When we do it right, it’s better for business and our communities.”

The DiversityInc Top 50 Companies for Diversity annual ranking of leading public and private companies began in 2001 and celebrates their commitment to workplace diversity.

DiversityINCtc

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  • Posted on Tuesday April 17, 2018
  • Created by Bernhard Mors

Mastercard at WTTC Global Summit: Partnering for Sustainable Tourism

Contributing more than 10 percent to global GDP, travel & tourism is one of the world’s largest industries. While the sector is characterized by its resilience, it faces significant challenges such as digitization, mobility across borders and over-crowding. Addressing these challenges is too big a task for any single entity. Mastercard has the insights, solutions …
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Contributing more than 10 percent to global GDP, travel & tourism is one of the world’s largest industries. While the sector is characterized by its resilience, it faces significant challenges such as digitization, mobility across borders and over-crowding.

Addressing these challenges is too big a task for any single entity. Mastercard has the insights, solutions and scale to help the industry through its transformation – and is partnering with organizations such as the World Travel & Tourism Council (WTTC) to advance more connected and more sustainable tourism:

  • Digitizing travel booking payments to create efficiencies for individual businesses and a more secure and stable environment for the entire industry.
  • Working with tourism players to explore the use of biometric technologies for more seamless and secure user experiences.
  • Partnering with over 100 cities to make access to public transport easier through contactless and mobile ticketing.
  • Helping Destination Marketing Organizations to better understand travelers’ needs.
  • Working with national and regional governments to ensure communities benefit from tourism, e.g. by expanding access to electronic payment acceptance.

From April 17-19, Mastercard will highlight these themes at the WTTC Global Summit in Buenos Aires, the annual gathering of industry executives and tourism officials:

  • On April 18, Diana Robino, SVP Enterprise Partnerships, will participate in a panel on “Secure and seamless travel: defining a vision for the future”.
  • On April 19, Kevin White, Director Enterprise Partnerships, will give remarks at the Mastercard-sponsored Tourism for Tomorrow Awards.

Follow updates from Buenos Aires on Twitter @MastercardNews.

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  • Posted on Tuesday July 16, 2019
  • Created by Francis Hondal

Taking the Journey to the Next Level

We have a traveler named Kate.  Imagine Kate is at the airport and needs a quiet place to work before boarding.  She signed up to get notifications on her phone because of her Mastercard, so learns she has free access to the lounge in her terminal with Wi-Fi.  Now when Kate boards, she can sit …
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We have a traveler named Kate.  Imagine Kate is at the airport and needs a quiet place to work before boarding.  She signed up to get notifications on her phone because of her Mastercard, so learns she has free access to the lounge in her terminal with Wi-Fi.  Now when Kate boards, she can sit back, relax and enjoy a movie.

This is the type of experience that we want to build into all of our products, to enrich the lives of our cardholders. Today, we’re excited to announce an expanded relationship with Flybits, a contextual intelligence company, to help us deliver ever richer and more personalized experiences.

According to a recent Mastercard-sponsored Harvard Business Review report, 90% of survey respondents say customers expect organizations to know their interests and anticipate their needs. This expectation—and the technology that enables it—is transforming our industry.

The consumer has a bank branch, a retailer and all of her friends in her pocket. She’s not coming to us.

We need to ensure we’re looking after her needs and delivering compelling choices through the entire end-to-end journey.

This means delivering the right message to the right person at the right time on the right device. Ultimately, the basics of marketing have been the same for decades, but the channels we have available to us and the opportunity to engage in a moment that is more relevant to the consumer are very different. For our customers—banks, retailers and others—this requires data-driven solutions that help consumers navigate their needs in a seamless way as well as an innovation service to help them deliver quickly. AR, VR, chatbots, robots and avatars are certainly not yesterday’s marketing tools!

Mastercard and Flybits share an understanding of how to use data in a consumer-centric way to deliver relevant experiences. With their mobile-based contextual marketing technology, we can take our loyalty and engagement services to the next level, creating real-time, seamless personal experiences for consumers that are also easy to implement for our customers.

Circling back to Kate our traveler, her journey doesn’t end when she boards her flight. In a perfect world, if it’s rainy when she lands, she’ll also get a notification with a taxi discount so she can get to her hotel without getting wet. This is the new age of contextual marketing. One where people get information at the right time and the right place.

You can read more about our relationship with Flybits from today’s press release.

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  • Posted on Monday July 01, 2019
  • Created by Dimitrios Dosis

A New Data Metaphor for All Seasons

A few weeks ago, I spent three days with hundreds of customers at our recent conference focused on data analytics, experimentation and innovation. Unsurprisingly, we spoke quite a bit about the power, potential and protection of data. One big takeaway? People today use a lot of metaphors as it relates to data. Data as the …
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A few weeks ago, I spent three days with hundreds of customers at our recent conference focused on data analytics, experimentation and innovation. Unsurprisingly, we spoke quite a bit about the power, potential and protection of data. One big takeaway? People today use a lot of metaphors as it relates to data.

Data as the new oil or the new gold, representing data as a commodity with a high-value price tag.

Data as the sun that shines on everything, representing data as a public good that drives universal benefits.

The data tsunami or the data deluge, representing the fact that businesses everywhere are grappling with how to turn ever-increasing volumes of data into actionable insights.

To me, the metaphors above don’t quite work. Yes, data has a clear value and benefit: to individuals and businesses. Data also has a clear owner: the individual who produces it. Actionable insights are possible, with the right partners, tools and understanding.

Ultimately, the metaphor that works for me is that we’re in the springtime of data analytics.

What does that really mean?

Data is still new and fresh. We are still in the early days of data and have endless opportunity ahead of us to do amazing things for business, for individuals, for society. We’re unlocking the power of data analytics for our customers, helping banks, retailers and others be more efficient, effective and solve real world problems with insights. With Mastercard’s Center for Inclusive Growth, we have also been supporting research and forging partnerships to accelerate the use of data science by empowering non-profit, civic and government organizations with the tools, expertise and other capabilities they need to help solve the world’s most pressing challenges – such as how communities can better prepare for hurricanes.

The world of data is just heating up. In recent years, we’ve seen the emergence of new capabilities, new fields like data science and new roles like the chief data officer position as the potential of data is taken more seriously across the public and private sectors. One capability that has emerged and impacted nearly all sectors is the ability to make products and services more relevant – or personalized – for the consumer. According to a Mastercard-sponsored survey of more than 600 executives by Harvard Business Review Analytic Services, 8 in 10 survey respondents said personalization is important to their organization’s strategy.

Umbrellas are needed to protect against spring’s stormy weather. As an industry, we need to ensure ethical data practices so data innovation has the opportunity to grow and live up to its potential. We have an obligation now to put consumer-centric guidelines in place that will keep companies on the right track and protect the interests of individuals. For instance, high-potential areas like digital identity should be guided by a principled approach, which is why we built digital identity principles that put people first. And, innovations that ensure consumer privacy, such as Trūata’s data anonymization service that allows for business analytics in full compliance with the GDPR, will be critical.

Springtime is upon us. Umbrella in hand, the time is right to partner—with customers, the public sector, fintechs and others—to make smarter, sustainable decisions with data.

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  • Posted on Tuesday June 25, 2019
  • Created by Paul Stoddart

On top of the world: The Nordic P27 payments platform project

When it comes to payments, put simply, the Nordics like to be first. The region is already leading the world in the adoption of electronic payments with less than 1 in 10 retail payments now in cash. But now Europe’s most northerly cluster of countries is turning its attention to enhancing its bank account payment …
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When it comes to payments, put simply, the Nordics like to be first. The region is already leading the world in the adoption of electronic payments with less than 1 in 10 retail payments now in cash.

But now Europe’s most northerly cluster of countries is turning its attention to enhancing its bank account payment infrastructure and improving on how its people and businesses can pay each other, under the guise of the P27 project. Of course, this is the Nordics, so real-time payments have existed domestically between banks for some time, but what’s new and quite extraordinary is the soon to be built capability to send money across the multiple markets, and across the Nordic currencies efficiently both in real-time and batch payments. Nowhere else in the world does this exist.

Through the acquisition of Vocalink, our expertise in building bank account real-time payments infrastructures has meant that we were selected as the trusted partner for the six largest banks in the Nordics who initiated the P27 project.  Our cutting-edge real time payment technology will help to connect Nordic into one regional payment area, transforming how money moves across the markets for consumers, businesses and governments.

The shift to digital is nowhere more profound than in the Nordics. Domestic real-time mobile payment solutions are already well established, and by speeding up the connectivity throughout the region means it will enable further choice and innovation in direct bank account payments, giving people quicker, more convenient and more efficient ways to safely send and receive funds.

This next generation cross border, multi-currency payment capabilities don’t just benefit consumers or businesses. This single interface will make it easier for banks to handle all payments within the Nordics and beyond and it will consolidate nine existing payment platforms into one – enabling significant efficiencies and removing duplications.

This partnership is also welcome evidence of Mastercard´s vision to drive real choice and security by being the trusted provider of new payment experiences, and to broaden its capabilities into new real-time payment flows, becoming a reality.

As we work together to build the world’s first regional real-time payments platform, I look forward to showcasing this ground breaking project and Mastercard’s own status as the world’s number one payments partner.

 

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  • Posted on Monday May 13, 2019
  • Created by Silvio Piserchia

Opportunity Honks: How to Keep the Gig Economy Growing

New Study Forecasts Double-Digit Annual Growth, But Retaining Freelancers A Constant Challenge Ride-hailing to home sharing. Restaurant delivery to babysitting. Handmade crafting to at-home coding. The global Gig economy generated USD$204 billion in gross volume in 2018, according to a new study conducted by Mastercard and Kaiser Associates which also projects double-digital annual growth over the …
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New Study Forecasts Double-Digit Annual Growth, But Retaining Freelancers A Constant Challenge

Ride-hailing to home sharing. Restaurant delivery to babysitting. Handmade crafting to at-home coding. The global Gig economy generated USD$204 billion in gross volume in 2018, according to a new study conducted by Mastercard and Kaiser Associates which also projects double-digital annual growth over the next five years.

As we grow more accustomed to the economics of sharing and enjoy the benefits of on-demand services, and as developing yet rapidly digitizing markets expand the pool of Gig workers, the value generated by the digital platforms is projected to more than double to USD$455 billion by 2023. Gig Economy

But the hustle is hard. I often hear from Gig workers about the difficulties they face separating their personal and professional lives and their struggles with uneven workflows, slow payments and lack of benefits enjoyed by traditional employees. And it’s a different but increasingly difficult hustle for the digital platforms that are driving this tremendous growth.

Both giants and up-and-coming digital platforms are competing fiercely for Gig workers, particularly when expanding to new markets where a sizeable pool of workers is needed to encourage demand by customers. And it’s a big problem in the largest Gig economy sector, transportation-related services, where attrition rates are notoriously high – as much as 68 percent for new Uber drivers,

Just as a quality pool of workers is essential to maintaining the level of customer experience that keeps consumers coming back and the company growing, a platform that supports the needs of Gig workers is critical to keeping those workers from jumping to a competitor.

Attracting and retaining freelancers means digital platforms have to work extra hard to distinguish themselves. Simpler and more streamlined onboarding are just the start.

On the wish list for many digital platforms representatives we interviewed in the study: faster and more frequent payout options to increase Gig workers engagement with the platform; loyalty packages and benefits to encourage Gig workers retention; and dedicated value added services to help Gig workers have a better visibility and control over their work.

With our technical expertise and experience navigating complex payment ecosystems, we are already putting in the hours with our partners to make this a reality. For example, hundreds of thousands of Uber and Lyft drivers now have their earnings deposited in real time using Mastercard Send technology. We’re supporting the growth of the Gig economy – and by extension, the local economies around the globe – in other important ways. In Southeast Asia, we partnered with Grab, the region’s largest offline-to-online platform, to issue virtual and physical prepaid cards from the Grab app, opening the door to the ride-sharing industry for hundreds of millions of unbanked consumers.

We’re there at every step of the journey – for every mile of the ride.

For more insights into the global Gig economy, including breakdowns by sectors and growth potential by regions, read our white paper here.

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  • Posted on Thursday May 09, 2019
  • Created by Jay Singer

Drowning in a Sea of Numbers? Mastercard and Strands Help Small Business Owners Navigate Cash Flow Management

You may have heard of the expression “drinking from the firehose.” You’ve probably experienced it – an information overload so extreme that the incoming becomes unintelligible; the press of incoming responsibilities overwhelming an already mile-long to-do list, making even the simplest task seem impossible to complete. That’s how many small business owners feel every day, …
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You may have heard of the expression “drinking from the firehose.” You’ve probably experienced it – an information overload so extreme that the incoming becomes unintelligible; the press of incoming responsibilities overwhelming an already mile-long to-do list, making even the simplest task seem impossible to complete.

That’s how many small business owners feel every day, particularly when it comes to cash flow: daily ins and outs, fixed costs, unplanned expenditures, accounts payable, accounts receivable, all a gush of information from an

enormous pool of sources. It’s no wonder that when small businesses fail, 82 percent of the time it’s due to ineffective cash flow management.

That’s why we partnered with Strands to enhance Business Financial Management (BFM), an AI-powered cash flow solution for small businesses. Our digital payments technology in the Strands BFM platform helps aggregate the daunting amount of data for easy-to-read, easy-to-understand financial analysis. It’s digital, automated and intuitive, turning a torrent of information into a navigable stream and making the seemingly impossible task of cash flow management possible for even the most novice of business owners.

MC_Strands_infographic_v5

There are a few key differentiators in BFM that make it most valuable for small business owners: first, they are able to pull inputs from other financial management tools housing a business’s data (e.g. receivables, collections and invoices) and use that information to better understand their position. By synthesizing this data, small business owners can see and understand where they’ve been, where they are and where they’re going. This is a powerful tool that can inform strategic decision making.

AI-enabled solutions also help keep things in order and on track. Through AI and machine learning, BFM can track various payment methods or invoice due dates for vendors and suppliers. Accounts payables, receivables, budgets and inventory become manageable, and small business owners get personalized alerts with various options for when and how to pay. An interactive heat map that displays spending patterns creates a visual representation of the data – another way BFM helps small business owners easily interpret and analyze a deluge of information.

Even with a profitable, sound business model, small businesses are in danger of drowning without an effective cash flow management solution. While some small businesses are only looking for short-term cash flow solutions, integrated BFM platforms can benefit those seeking predictive analytics and tailored insights, capabilities that are often overlooked by the most common banking solutions.

We saw a real opportunity to change the game for small businesses. By coupling all the features Strands has to offer with Mastercard’s proven technology (products) and scale, we can help solve the short-term financing needs of small business in real time and make a true difference in their daily operations and long-term success.

The Mastercard-Strands solution was officially unveiled on the FinovateSpring 2019 stage in San Francisco.

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  • Posted on Tuesday April 30, 2019
  • Created by Sachin Mehra

Earnings Review: Setting a Steady Course

This morning, we announced our financial results for the first quarter of the year. I’m pleased to share that we reported a solid start to the year. The numbers speak for themselves – double-digit gains in net revenue, operating income and EPS, all on a currency-neutral basis and excluding special items.  During the call, Ajay …
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This morning, we announced our financial results for the first quarter of the year. I’m pleased to share that we reported a solid start to the year.

The numbers speak for themselves – double-digit gains in net revenue, operating income and EPS, all on a currency-neutral basis and excluding special items. Flickr Photo: Mastercard Circes

During the call, Ajay and I shared examples and discussed in some detail how we continue to deliver differentiated value for our customers, consumers, businesses and governments. A few highlights that help illustrate these efforts include:

Supporting All Types of Payments – Many people are very familiar with our core credit, debit and prepaid products. We’ve made investments beyond these traditional products to help businesses and governments achieve their goals. An example of this is the past week’s announcements that our real-time payments infrastructure from Vocalink is being adopted in new markets – the Philippines and Saudi Arabia – helping these governments meet the needs of their citizens and economies.

Earlier in the quarter, we also noted plans to acquire three businesses beyond card payments. The addition of Transfast, Ethoca and Vyze is rooted in our strategy and bolsters how we support customers in cross-border account-to-account payments, fraud prevention and driving greater merchant engagement.

Innovating and Partnering – Part of innovation is thinking differently about a challenge or opportunity. Another part is working with the right partner. We’re bringing our technology and know-how to help increase the value of our shared efforts.

In today’s digital-first world, businesses and people are looking for products that fit their lives and make things easier. Earlier this month, Apple announced Apple Card with Mastercard and Goldman Sachs. This is a credit product designed for the iPhone that leverages Mastercard’s tokenization technology and gives consumers immediate access to the digital version of the card in their Apple Wallet.

Similarly, Mercado Libre, the largest e-commerce marketplace in Latin America, is using Mastercard technology to deliver greater payment safety and convenience across Brazil, Argentina and Mexico.

Extending New Opportunities – While paying with a swipe, dip or tap is second nature to us, there are many areas of the world where this is not a common experience. Electronic payments and the benefits they bring are only beginning to be realized.

This quarter, we announced partnerships and investments with Network International and Jumia in the Middle East and Africa to support the shift from cash and checks.  And, we’re working with Citibank to activate our Gateway Services, enabling their institutional customers to seamlessly receive payments from their customers.

We’re proud of what we have accomplished in the past quarter. And, I’m excited about the opportunities ahead. I’ll provide a perspective on business developments from time to time. In the meantime, continue to visit our investor website and our online newsroom for more information and updates on the latest from Mastercard.

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  • Posted on Monday April 29, 2019
  • Created by Jennifer Rademaker

Powering up Half the World: Giving Women’s Voices a Megaphone

Empowered women power the world. Women are a vital source of global growth, prosperity and innovation. Their contributions drive commerce, communities and society as a whole. Yet, women find their perspectives underrepresented in important centers of influence and still fight to get their voices heard in some of the most fundamental political, economic and cultural …
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Empowered women power the world. Women are a vital source of global growth, prosperity and innovation. Their contributions drive commerce, communities and society as a whole. Yet, women find their perspectives underrepresented in important centers of influence and still fight to get their voices heard in some of the most fundamental political, economic and cultural conversations.IMG_0417

Last week, New York City hosted the 10th annual Women in The World Summit, a platform started by Tina Brown, which gives voice to exceptional women leaders, activists and emerging icons. I was honored to attend and participate in these conversations.

Women in The World addresses the fundamental challenges faced by women around identity, education, employment, treatment in the workplace, and economic empowerment. The platform shares Mastercard’s broad approach to supporting empowerment, which is why we’ve been long-standing partners.

Together—with Women in The World and other partners—we’re making gender equality a central, guiding theme, not only in our diversity and inclusion efforts and hiring practices, but in our business strategy in general. Being part of such an organization brings a strong sense of fulfillment to my work. Here are some of my favorite examples of how Mastercard is looking to advance the journey toward gender equality around the world:

  • Mastercard in partnership with Grameen America has digitized loan disbursements to over 100,000 women entrepreneurs.
  • In partnership with the Egyptian Ministry of Social Solidarity and local mobile networks, Mastercard powers secure, digital disbursement of alimony payments, sparing divorced women the hassle and indignity of queuing monthly for cash payments.
  • Mastercard’s PayGo technology enables digital, “pay-as-you-go” access to solar power and clean water. Off-grid consumers benefit from affordable mobile payments and also build a credit history. Sustainable electricity brings significant benefits to women and children, including the ability to complete housework after sunset, take on home-based jobs and extend study hours.
  • Mastercard just celebrated the fifth anniversary of its signature education platform, Girls4Tech. The program cultivates young technology enthusiasts to help narrow the gender gap in science, technology, engineering and mathematics. This hands-on, inquiry-based STEM program has reached more than 400,000 girls (ages 8-12) in 25 countries.
  • Mastercard’s commitment to diversity and equality is reflected in equal pay for women, generous parental leave, and same-sex partner coverage. Its return-to-work program gives experienced, mid-career professionals, who took a break from their careers, an opportunity to re-enter the workplace.

When women grow, economies grow. At Mastercard, the commitment to women’s empowerment is a consistent thread through our business, products, partners and employees.  Women in the World was a strong reminder both of the progress that’s already been made, as well as the need to keep powering that megaphone!

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  • Posted on Tuesday April 09, 2019
  • Created by Sukhmani Dev

The 3 Must-Haves for an End-to-End Digital Consumer Experience

Over the years, Mastercard has pushed to perfect the payment process – and as a global technology company, it’s natural for us to think about the end-to-end customer journey, to get that perfect payment journey. I recently moderated a panel at DX3, Canada’s largest retail, marketing and technology event. The panel included Christian Magsisi, the …
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Over the years, Mastercard has pushed to perfect the payment process – and as a global technology company, it’s natural for us to think about the end-to-end customer journey, to get that perfect payment journey.

I recently moderated a panel at DX3, Canada’s largest retail, marketing and technology event. The panel included Christian Magsisi, the technology and digital lead for Maple Leafs Sports and Entertainment (MLSE), who own the Toronto Maple Leafs, Toronto Raptors and several other sports teams, and Cam Thomson, the digital and customer lead at Canadian Tire Financial Services, the financial arm of Canadian Tire Corporation, one of Canada’s largest retailers which provides the products and services that prepare Canadians for the jobs and joys of life in Canada.

In a world where the physical and digital converge, we discussed while not all digital journeys are alike, all great customer journeys have key common factors.

Consistency is crucial

DX3 Panel

At Mastercard, we believe in choice – customers should pay however, wherever and whenever they want – whether they’re in-store, online or on-the-go. But regardless of how the customer chooses to pay, the experience has to be consistent. Consistency builds trust and customers trust Mastercard to ensure their payments are predictable, frictionless and secure.

When a customer walks into a store, they know exactly how their cards or devices will work with the payment terminal. That same sense of simplicity, ease and understanding needs to apply to the online world. That’s why Mastercard is on a journey to make the checkout experience as seamless as possible – no lines, no fuss and no friction.

Last year, we announced our support for EMVCo’s Secure Remote Commerce (SRC) framework. Similar to the single, standardized acceptance terminal in stores, SRC will allow for a common checkout button online.

For our partners like MLSE, this type of consistency is a key part of the overall fan experience. During the panel, Christian explained that they were excited for easy, single checkouts because for most fans, attending a live game or event may be a once-in-a-lifetime experience. That means from the moment a fan buys their tickets online, the experience has to be seamless.

With SRC, we can deliver a more consistent experience for customers, bringing their offline confidence into the online world.

Identify the pain point, then apply the right technology

Today, there are all kinds of tech buzzwords – VR, AR, blockchain, you name it. But what will remain standing are the relevant technologies that can be used to solve a true customer pain point.

Take fraud for example; it’s much harder for a retailer to verify customers online vs. in-store. This can lead them to falsely decline a legitimate transaction, or worse, accept a fraudulent one.

Staying relentlessly focused on solving pain points means you can apply the right technologies. Solutions like Mastercard Identity Check, combined with NuData Security (a Mastercard company), bring together AI, machine learning and biometrics, and help verify customers are who they say they are, without sacrificing the convenience of a digital payment experience.

There’s no “or” – it’s experience and securityEvent Photo 2

We mentioned earlier the importance of choice, but when it comes to experience and security, there is none – both must go hand-in-hand. Customers today want brands to deliver it all.

A perfect example of this is tokenization, a process where a customer’s 16-digit card number is replaced with a unique digital identifier. Tokenization allows customers to store their cards with retailers without exposing their actual card account details, giving them with an additional layer of security. What’s more is that they don’t need to do a single thing – tokenization happens behind the scenes, which means customers can have the same frictionless experience that they’ve come to expect with Mastercard.

We recently announced that alongside our issuing partners, including Canadian Tire Financial Services, all Mastercards would be enabled with token services by 2020, giving customers the best of both worlds – security and convenience.

Customers today weave in and out of physical and digital worlds, and they expect to interact with both in the same frictionless and secure manner, while feeling in control. As the two worlds have become one, businesses must place customers at the centre of each commerce journey by focusing on expectations and solving for pain points when developing an end-to-end digital consumer experience.

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  • Posted on Monday March 25, 2019
  • Created by Craig Vosburg

A Card for Our Digital Era

Simplicity, security and ubiquity sit at the very core of some of the most progressive innovations of our generation. These innovations have challenged the notion of, “that’s how it was always done” to lead to transformational “can’t live without” products and services that have made our day to day experiences better, faster and more convenient. …
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Simplicity, security and ubiquity sit at the very core of some of the most progressive innovations of our generation. These innovations have challenged the notion of, “that’s how it was always done” to lead to transformational “can’t live without” products and services that have made our day to day experiences better, faster and more convenient. Just 10 years ago, you couldn’t have imagined a world where your car ride or your morning coffee could be customized and delivered to you with the tap of your finger. At Mastercard, we’ve worked with a number of payment and technology partners and have been behind a number of these types of innovations such as: development of token services; immersive shopping; Mastercard Track – a global trade platform and financial tool for gig workersCraig-Quote1v2

We believe consumers want more of this type of thinking – intuitive, thoughtful and creative solutions to enhance their transactions. People are looking to newer technologies to have an impact on their lives. In the past year alone, new-technology mentions on social media increased 30 percent.1

And today, we’re proud to introduce yet another first.  Together with Apple, one of the great consumer brands in the world and Goldman Sachs, a prestigious institution in the financial services industry, we’re launching the first ever Mastercard Digital-First card. The technology behind it and the product itself is the first of its kind. Unlike the way in which cards have been traditionally issued, this Digital-First card will literally arrive in your digital wallet first before it arrives in your mailbox (optional). Using revolutionary security features like TouchID or FaceID, it takes seconds to authenticate and is ready for the cardholder to tap, swipe and check out – instantly. According to a recent study, 68 percent of those who have loaded a debit or credit card to a mobile wallet indicated they expect to make 50 percent or more of their in-store purchases using a digital wallet within two years.2

A card like this is not only convenient but it’s also the pathway to opening up new ways to pay for things that you didn’t think possible. Imagine tapping your way through a toll booth or a take-out window or imagine tapping your way onto the metro instead of using proprietary cards or tickets. In fact, we’re already integrating this technology to a number of transit systems around the country including Los Angeles, Boston, and Denver. And new transit solutions are expected to be live in more than 20 markets in the United States including New York City within the next few years.

At the core of both these announcements is our token services and M Chip technologies that help store the card on a digital device without exposing important details and also enable fast contactless payments – making the commuter experiences fast, simple and secure. Mastercard brought token services to Apple Pay in 2014 and late last year announced its strategy to enable token services on all cards by 2020.

These are just a few of the examples of how we’re connecting the dots, thinking creatively, enhancing transactions and creating frictionless user experiences that never compromise on security, simplicity and ubiquity.

1 Mastercard 6th Digital Payments Study, February 2019

2 TSYS 2018 Consumer Payments Study

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  • Posted on Wednesday March 20, 2019
  • Created by Paul Petta

Safeguarding Consumers from Counterfeit Goods

As e-commerce options have grown exponentially, consumers are increasingly buying everything from food to medicine, apparel to designer goods through online retailers and marketplaces. While the vast majority of purchases online result in a satisfied customer, occasionally cardholders inadvertently purchase an inferior “fake” product. Most consumers encounter counterfeits in the world of designer goods, where …
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As e-commerce options have grown exponentially, consumers are increasingly buying everything from food to medicine, apparel to designer goods through online retailers and marketplaces. While the vast majority of purchases online result in a satisfied customer, occasionally cardholders inadvertently purchase an inferior “fake” product.

Most consumers encounter counterfeits in the world of designer goods, where handbags, shoes and sunglasses are offered at steep discounts – but turn out to be fakes. These purchases can result in consumers feeling like they were cheated. Even more concerning, counterfeit pharmaceuticals, contact lenses, car parts, electronics, batteries and others are more than just substandard quality – they raise very real safety concerns.

At Mastercard, we want every commerce engagement to be simple, safe and secure, and we take strong actions to protect consumers from unwanted counterfeit purchases.

In fact, we have an ongoing partnership with the International Anti-Counterfeiting Coalition (IACC), whose 250-plus participating Intellectual Property (IP) rights holders from 40+ countries notify Mastercard of unauthorized sales online. Once we learn of this activity, we take immediate action. Just last month, we worked with the IACC and our partners to combat the sale of counterfeit goods through an online marketplace, and were pleased to help resolve the issue quickly – helping keep fake goods out of the hands of unsuspecting shoppers.

Working directly with organizations like the IACC is just one of the ways that we protect cardholders from getting ripped off by counterfeit goods. We offer dispute resolution rights for cardholders who purchase counterfeit goods—and encourage consumers who have evidence that they purchased a fake to reach out to their issuing bank—and protect cardholders from fraud through policies such as Zero Liability.

 

 

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  • Posted on Tuesday February 05, 2019
  • Created by Linda Kirkpatrick

Women Are More Than A Diversity Agenda

Today, I attended the Women In Payments conference in DC and met some incredible cohorts from the financial technology and services companies. We were there to celebrate the advances that women made at the workplace in the last few years but also to start the conversation around what needed to happen next and how we …
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Today, I attended the Women In Payments conference in DC and met some incredible cohorts from the financial technology and services companies. We were there to celebrate the advances that women made at the workplace in the last few years but also to start the conversation around what needed to happen next and how we could make change happen more quickly.

Women in PaymentsI’m encouraged to see the trends going in the right direction – it’s not enough, but it’s progress. 80 percent of the purchase decisions are being made by women, women are starting businesses more than ever before, more women are entering into leadership roles – The share of women sitting on the boards of Fortune 500 companies has more than doubled, from 9.6% in 1995 to 22.2% in 2017 and the share of female CEOs of Fortune 500 companies reached was 4.8% in 2018. As recently as 1995, there were no female CEOs on the Fortune 500 list.1

At Mastercard we realize that the world needs to change and it is only fitting that women are at the table when technology is built, when algorithms are developed and when products are brought to market. Which is why 50 percent of the senior leadership at Mastercard in the US is female and 40% of the Mastercard US workforce is women. We have grown our business considerably by putting women at the center of it all and we know that creates amazing culture, customer service and product development:

  • Our Women’s Leadership Network, one of our nine Business Resource Groups, has 31 chapters around the world, supporting the growth and development of 8000 members.
  • Our Board Chairman and other executives are members of the 30% Club, which champions greater representation of women on the boards of FTSE100 companies
  • Mastercard has partnered with Accion Venture Lab to provide more loans to women entrepreneurs along with financial coaching
  • Together with Grameen America, Mastercard is bringing digital financial services to nearly 100,000 low-income women entrepreneurs
  • Mastercard reached 185,000 young women through its Girls4Tech program designed to get young girls interested in STEM
  • Care.com is using Mastercard technology to make it easier for 26 million caregivers to get paid quickly.

I’m encouraged by what I see and I’m proud to be working at a company that cares so much about the advancement of all people, including women.

1 The Data on Women Leaders, Pew research Center

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  • Posted on Thursday January 31, 2019
  • Created by Martina Hund-Mejean

Earnings Review: Strong Performance in Q4, Continued Momentum for 2019

This morning, we hosted a conference call where we shared Mastercard’s financial results for the fourth quarter and our 2018 fiscal year. If you listened to that call, you heard how we had a strong end to the year, delivering broad-based growth. The numbers speak for themselves – double-digit gains in both volume and transactions, …
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This morning, we hosted a conference call where we shared Mastercard’s financial results for the fourth quarter and our 2018 fiscal year. If you listened to that call, you heard how we had a strong end to the year, delivering broad-based growth.

The numbers speak for themselves – double-digit gains in both volume and transactions, with earnings per share increasing 40 percent year-over-year, on a currency-neutral basis and excluding special items.

During the call, Ajay and I discussed how we continue to deliver differentiated value for our customers through core payment products and services that deliver value beyond the transaction. Some highlights and themes from the quarter include:

Customer Value – We deepened and renewed partnerships by providing customers with solutions that combine the best of what we have to offer. One example is Mastercard becoming the exclusive network for the consumer and business card portfolio at Westpac Bank, one of Australia’s largest banks, while renewing the relationship in New Zealand. We also renewed key relationships with Credit Agricole, the largest bank in France, and the Netherlands’ Rabobank.

Merchant Partnerships – Co-brands continue to play a big role in our efforts in the Americas, as seen through recent deals with Square for its business debit card program and the extension of the JetBlue program across 19 Caribbean markets, making us their sole network partner. Additionally, JPMorgan Chase will use our Gateway Services to enhance its global connectivity and support of alternative payments as they continue to expand global digital payments solutions for their merchants.

Target Contactless

Doing Well by Doing Good – Our efforts to help governments create smarter cities and smarter societies can be seen in our recent agreement with Mexico’s Bansefi, where we have been chosen to help distribute a wide range of social benefits payments through 20 million new debit cards.

Enhancing the Consumer Experience – In the U.S., we’re seeing growing momentum in contactless, with issuers representing two-thirds of our total consumer volume committing to issue these cards within the next two years. And, we continue to scale our merchant token service to support partners like AT&T and Liberty Mutual in their recurring bill pay models.

As we look to 2019, we anticipate continued strong growth in our business, while expecting a slight moderation in the overall economic environment. During our conference call, we provided our thoughts for 2019 and new multi-year performance objectives for the next three years (2019 to 2021).

Based on our excellent performance over the last few years, we believe that we can:

  • Deliver a low-teens compound annual net revenue growth rate over the next 3 years, based on PCE growth of approximately 4 to 5 percent globally
  • Maintain the minimum 50 percent annual operating margin
  • Recognize a high-teens earnings per share CAGR over the 2019-2021 period

These numbers are on a currency-neutral basis, excluding future acquisitions and special items.

We thank you for your support of our vision and our long-term strategy. Look for further updates like these in the coming months.

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  • Posted on Wednesday January 30, 2019
  • Created by Amy Neale

The 2019 FinTech Effect for Banking and Commerce

And…exhale. Since 2014, Mastercard has scoured every corner of the globe to find the world’s best startups. Finding them, however, is only one piece of the puzzle, and our startup engagement program, Start Path, is much more than a reconnaissance mission. Nearly 200 companies have participated in the program, and we’ve connected with nearly 10,000 of …
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And…exhale.

Since 2014, Mastercard has scoured every corner of the globe to find the world’s best startups. Finding them, however, is only one piece of the puzzle, and our startupstart path keychain engagement program, Start Path, is much more than a reconnaissance mission.

Nearly 200 companies have participated in the program, and we’ve connected with nearly 10,000 of the world’s smartest startup founders to build the future of commerce together. Our experience, combined with the lens that CB Insights provides as a data partner, gives us a unique insight into what’s happening in the FinTech and startup landscape.

Here are three FinTech trends to keep an eye on during 2019:

  1. Banks are having their AI moment.

AI startups were a hotspot for FinTech funding during 2018, with investments nearly doubling previous levels. While there is much hype about AI, the utility is beginning to match the excitement. As banks successfully implement AI, for example, we are beginning to see the industry shift from reactive to proactive (or even predictive) risk identification. Take credit risk – AI is taking a flat, rules-based model and, using big data, turning it into more customizable insights.

  1. Open Banking opens the market up to global FinTech.

Changes in Europe during 2018, such as requirements for banks to pen APIs to customer data, will begin to materialize fully during 2019, and consumers are set to be the biggest beneficiaries. Such changes will create choice, competition and establish consistency. New entrants are entering the market to take advantage of the change in regulation and deliver new solutions for consumers.

  1. SMBs are the next battleground for FinTech.

Small and medium-sized businesses remain underserved by FinTechs. Typically, FinTechs have focused on the consumer or only addressed loans and financing for SMBs. The ecosystem is quickly pivoting due to the fact that SMBs crave the same on-demand, frictionless and low-cost services that digital-first banks can provide at scale.

As an exciting 2019 gets underway, so too does the latest wave of Mastercard Start Path companies entering the program. We’re excited to be working with these seven startups, all of which are at the forefront of changing banking, finance and commerce.

  • Cnote creates competitive financial products with positive social impact.
  • Hummingbird is an AI platform for managing anti-money laundering operations.
  • Minka is an Open Banking API platform built on the concept of money as information about debts (IOUs) and cryptography.
  • Nexsis is a technology company that has developed a smart panel using solar power capable of producing clean drinking water from any source, usable electricity and hot sanitation water.
  • Tourego has a first-in-the-world solution to deliver a fully mobile tourist refund experience.
  • Tranzer makes it possible to travel by train, tram, bus or taxi via an app on your smartphone and across different carriers.
  • ZenCity is an AI-based citizen feedback analytics platform for cities, which makes citizen feedback a useful, decision-powering data source for local governments.

FinTechs and entrepreneurs seeking to join Start Path and our international network of innovators are encouraged to apply before March 1.

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  • Posted on Wednesday January 16, 2019
  • Created by Paul Petta

Free Trials Without The Hassle

No one wants to be unsatisfied with a physical product after paying for it. For some consumers, a free-trial is a great way to test out a new product and get comfortable with it before making a purchasing decision. And with so many merchants offering free product trials, they’re becoming the new norm. However, sometimes a …
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No one wants to be unsatisfied with a physical product after paying for it. For some consumers, a free-trial is a great way to test out a new product and get comfortable with it before making a purchasing decision. And with so many merchants offering free product trials, they’re becoming the new norm.

However, sometimes a free trial of a skincare or healthcare product can unwittingly turn into a recurring product subscription that is difficult to cancel. These situations can be frustrating and costly for both consumers and their banks. M

At Mastercard, we want every commerce engagement to be simple, safe and secure and we are introducing rules for merchants that offer free-trials to make this a hassle-free experience for their consumers. The rule change will require merchants to gain cardholder approval at the conclusion of the trial before they start billing. To help cardholders with that decision, merchants will be required to send the cardholder – either by email or text – the transaction amount, payment date, merchant name along with explicit instructions on how to cancel a trial.

For each payment thereafter, the merchant will have to send a receipt to the cardholder for each transaction by email or text message with clear instructions on how to cancel the service if the consumer so desires.  In addition, all charges that appear on the cardholder’s statement must now include the merchant website URL or the phone number of the store where the cardholder made the purchase.

Free trial offers can be a legitimate and useful way to increase sales and improve consumer satisfaction. The new rules will help in increase transparency and ensure an outstanding experience for cardholders. In addition to these changes, Mastercard cardholders are also covered by our Zero Liability policy which protects them against unauthorized purchases or charges. If a cardholder suspects that a transaction is fraudulent or unusual, we encourage them to contact the bank that issues their card for assistance and more information.

*This blog was updated on January 17, 2019 to clarify that the rule change is applicable to physical products such as skincare, healthcare items etc.

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  • Posted on Thursday January 10, 2019
  • Created by Chris Reid

Mastercard Identity Check: Bringing Consumers a Better Digital Experience

The ultimate moment of shopping truth happens when we tap, dip, swipe or click and wait for approval. Nobody wants a decline—especially not a false one and especially not a false decline due to security measures put in place to protect you. This is scenario is more troubling to us than fraud losses. Because, when …
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The ultimate moment of shopping truth happens when we tap, dip, swipe or click and wait for approval. Nobody wants a decline—especially not a false one and especially not a false decline due to security measures put in place to protect you. This is scenario is more troubling to us than fraud losses. Because, when that happens, people don’t just abandon their cart—they often stop using their card altogether. In 2017 alone, false declines for payment card transactions account for US$303 billion in lost revenue in the U.S.Online Shopping

As in-store purchasing has become more secure, fraud has been creeping up online. Why? Because identity verification is a top challenge for both issuers and merchants. In fact, 50 percent of global login traffic is at high risk for potential account takeover or credential misuse.2 And consumers are frustrated when they don’t have the same seamless, secure experience at every interaction. The industry is now at a point where we have information and technology available to tackle that frustration head on – EMV 3D-Secure 2.0. It’s a complicated name to describe something simple – a new industry standard used to check a consumer’s identity on digital payment transactions.

With the rollout of EMV 3D-Secure, Mastercard has created a program called Mastercard Identity Check. The program provides merchants and their banks an easy way to upgrade and enhance current security solutions to determine potential risks and ensure genuine transactions are approved in a seamless manner. Using Identity Check’s AI and machine learning, EMV 3D-Secure can now take into account over 150 different variables of a transaction to help the issuer make a more accurate, insight-based decision whether to approve a transaction or decline it.

These variables include such factors as screen brightness, device owner gestures and, shopping purchase history. They are used alongside insights from the merchant and issuer to authenticate a payment. In cases where additional authentication is needed to protect the buyer, it can be provided through the use of biometrics or a one-time password. Essentially, we’re providing another, more seamless way to prove you are you. The best part? It all happens in a blink—in that short moment of truth before a consumer sees the word “Approved”.

Delivering practical security solutions in an effortless and imperceptible fashion is critical in creating trust between people and retailers. As is fitting for today’s digital economy, the new standard enables a consistent user experience across connected devices, in-app or on a browser. When merchants and issuers have greater confidence in the consumer’s identity, approvals increase on average 11 percent which means fewer false declines, happy merchants and recurring shoppers–not to mention a simpler shopping experience for us all.

To learn more on how the new standard will help merchants, click here.

1 – 2017 Federal Reserve Study

2 – NuData Research

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  • Posted on Tuesday December 18, 2018
  • Created by Michael Froman

Forging New Paths Toward more Inclusive Growth and Opportunity for All

This week in New York, the UN Member States voted in favor of the Global Compact on Refugees. The integration of the world’s 25.4 million refugees into new communities is a topic that touches nations all over the world, but one that is also fraught with controversy and tension. Over the last several years, the …
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This week in New York, the UN Member States voted in favor of the Global Compact on Refugees. The integration of the world’s 25.4 million refugees into new communities is a topic that touches nations all over the world, but one that is also fraught with controversy and tension.

Over the last several years, the number of refugees – individuals forced to flee their homes or their countries to escape conflict or disaster – has been increasing. Indeed, the plight of those fleeing conflict and crisis has become one of the most urgent and complex human crises of our time.

But with that crisis comes the equally urgent issue of managing the needs and wants of citizens in the countries that receive these refugees. The headlines and heated debates in Congresses and Parliaments across the world highlight how an influx of displaced populations can create strain on political and social systems.

Questions of sanctity, sovereignty, safety and how to sustain prosperity for local populations bubble up – some more contentious than others – but all stemming from a place of genuine concern.

Ironically, the solution for refugees, who are adapting to a new home, may well be similar for those who grew up in the destination country and feel excluded from a system that doesn’t seem to understand their needs.  In both instances, the answer lies in creating inclusive growth and opportunity for all.

At this critical time, Mastercard is entering into a new global partnership with the International Rescue Committee (IRC) to increase access to essential technology and products to advance financial education and the provision of financial services for displaced populations around the world.

The IRC has given out over 40 small grants to support entrepreneurs and micro enterprises in Lebanon, following a rigorous process of business plan development and business counseling. Half of the grants have been given to women and target Lebanese as well as Syrian refugees.,,,Suzane is from Bet Mery in Mount Lebanon. “For many years I worked as an office administrator but then I became a housewife. I needed to work again and wanted to start my own business. I tried selling home-made soap and ceramics but the bigger market is for food. Thanks to the IRC micro-enterprise grant I was able to open my shop. We’ve been open a month and it’s going very well and is popular in the village. The produce is cheap, fresh and high quality because it’s home-made.”

The IRC offers long-term assistance to refugees displaced by war, persecution or natural disaster. Our partnership with IRC is based on the shared belief that connecting people with opportunity and putting them on a path to financial inclusion is an important step in helping them survive, recover and regain control of their future. Since 2003, the IRC has supported the startup of over 900 owned businesses and in 2016, of all refugees settled by the IRC and supported by employment programs, 84 percent were economically self-sufficient within six months.

By easing the path for refugees to establish themselves, start businesses and engage in commerce, we create opportunities for them to become active, contributing members of the economies of their new communities and host countries. By allowing them to take part in the financial mainstream, we also eliminate reliance on shadow economies or ‘off the books’ financial activities and arrangements – contributing to a safer experience for the migrants and the broader established economy. Indeed, a recent study by the IRC in Lebanon shows that for every dollar spent by refugees, $2.13 goes back into the local economy.

By focusing on inclusion, we can help displaced people and the communities that welcome them achieve financial resilience and opportunity. This isn’t something any one individual or organization can solve for alone. We will be bringing our best assets, people and ideas to support the IRC in the delivery of sustained and meaningful impact. Strong partnership across development organizations, NGOs, governments and the private sector will allow us to address these extremely sensitive challenges over the long term.

Mastercard believes in building a safer, healthier and more inclusive world where everyone can contribute, benefit and thrive. With that in mind, we’re proud to be taking this important step in growing our partnership with IRC into 2019.

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  • Posted on Thursday December 13, 2018
  • Created by Marcela Carrasco

How Partnership Powers a City on the Move

In a forward-looking city, development efforts and progress support a common objective: to improve people’s quality of life. Bogotá is the very reflection of a cosmopolitan city. Its cultural diversity, rapid population growth and the development of its infrastructure have the region focusing on its track record and performance. Colombia’s capital contributes 25 percent of …
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In a forward-looking city, development efforts and progress support a common objective: to improve people’s quality of life. Bogotá is the very reflection of a cosmopolitan city. Its cultural diversity, rapid population growth and the development of its infrastructure have the region focusing on its track record and performance.

Colombia’s capital contributes 25 percent of the country’s GDP and its production of goods and services exceeds that of other notable Latin American economies like Guatemala, Costa Rica and Panamá. Similarly, its population growth has reached historic levels. Bogotá is currently home to over 8 million residents, which is equivalent to the entire population of Switzerland.

However, as with most cities around the world, its growth has been accompanied by challenges. Public transportation is a clear example. According to the INRIX Global Traffic Scorecard, Bogotá is rated sixth in the world among cities where people spend the most time on public transportation. It ranks second in South America, and first in that category in Colombia. On average, the people of Bogotá spend 75 hours in traffic each year.

Purchases of personal vehicles have also shot up in recent years. According to information from the National Industrial Association (ANDI), by December 2018, the city will have a record 250,000 registered cars, representing an average monthly increase of 9 percent.

For these reasons, public transportation plays a significant role in citizens’ ability to get around the city. At Mastercard, we’ve created solutions to improve the commuter experience in different cities around the country. One example is in Bogotá, where we’ve partnered with Transmilenio, the main mass transportation service, and our partner banks to develop a hybrid debit card that allows users to access the system, while also offering traditional payment capabilities at any business.

For a transportation system that moves 2.5 million passengers daily, this technology has been vital in decongesting the system, streamlining the flow of passengers and reducing lines at the replenishment points for traditional cards. Economically, according to Transmilenio, it has meant direct savings of $650,000.

This groundbreaking technology, which has provided tangible benefits to transportation challenges in Bogotá, has been replicated in other cities around the country like Medellín, Barranquilla, Cali and Pereira.

In this case, we’ve put technology to work for the people, to address one of the major inconveniences associated with urban living.

Scalable, system-wide solutions like these are just an example of what can be accomplished when civil society, the private sector and public decision makers work together to advance a common goal. It’s a powerful demonstration of what we can make possible through the power of partnership.

 

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  • Posted on Wednesday November 28, 2018
  • Created by Jorn Lambert

2018 Is Set To Be A Very Digital Holiday…But Do You Know Which Card You’re Paying With?

The stage is set for this holiday season to be one for the records, with ecommerce sales alone forecasted to be up 104 percent compared to five years ago, according to Mastercard Spending Pulse.  With this, it’s no surprise that this holiday will see the trend toward digital payments continue as consumers look for the …
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The stage is set for this holiday season to be one for the records, with ecommerce sales alone forecasted to be up 104 percent compared to five years ago, according to Mastercard Spending Pulse.  With this, it’s no surprise that this holiday will see the trend toward digital payments continue as consumers look for the most convenient ways to check off their holiday to-do lists.

And in the search for convenience, many of us store our payment cards with the online merchants and digital wallets we use most often. Yet, 60 percent of Americans are unable to name all the places where their card information currently lives online.Shared-Mode-selector-iPhone-8-FIX

As more and more people continue to store or link cards to everything from online retailers to smartwatches and even voice assistants in the name of a more convenient checkout experience, Mastercard is working hard to provide transparency and control.

Through its digital branding requirements, Mastercard addresses how and when digital entities need to present Mastercard branding – whether that be in-app, browser, contactless, voice-enabled devices, or QR experiences – with the intent of providing consumers with transparency and certainty of the Mastercard credential being used.

It’s a simple reminder at checkout of the card that is stored in that device or with that merchant so consumers can click with confidence.

So when you are hopping into a Lyft ride this season to celebrate with friends, rest assured knowing that you’ll be presented with the preferred Mastercard card you stored on file, ensuring you can use the card that you want to pay with.

This Mastercard branding provides reassurance, confidence, and a little more peace of mind during a busy season so that you can focus on what matters most.

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  • Posted on Monday November 19, 2018
  • Created by Amy Neale

Common Ground with Startups

When large organizations – complex in structure and deliberate with their decision-making – and startups – rapidly-paced innovators with powerful technologies – sit at the same table, it’s easier to see the (many) differences. The former may employ 50,000 people, while the latter could’ve been founded in a municipality half the size. Yet, what got …
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When large organizations – complex in structure and deliberate with their decision-making – and startups – rapidly-paced innovators with powerful technologies – sit at the same table, it’s easier to see the (many) differences. The former may employ 50,000 people, while the latter could’ve been founded in a municipality half the size.

Yet, what got them there in the first place is the same shared outcome: long-term value creation. If corporate/startup relationships begin with the exchanging of equity, though, the short-term injection can affect the win/win opportunity.P1060098

Capital investment is in the corporate venturing arsenal – participation for 2018 surpassed 20 percent globally for the first time – but it can’t come first. As we’ve learned through Mastercard Start Path, the most effective engagement with startups neither requires nor needs taking equity before working together.

Startups change industries rapidly but the world around them is catching up. Global firms have rethought their culture to be more open to partnership, reshaping possibilities. Amid new roads to growth and scale, these three steps can create value for both parties.

Customized training:

Start Path creates a bespoke path for all of our startups because no two startups are the same. Defining and tracking specific goals allows for a tailored approach to working together that solves real operational challenges for startups. Implementing a hybrid of physical and virtual engagement creates trusting relationships and periodic touchpoints that keep the interactions focused on delivering toward the defined mutual approach.

Testing time:

Leave the pens and the paper at home, stay for the pilots. This is a period of co-creation where learnings from the outside are applied to test in a controlled environment from the inside. Here, we can address the assumptions and break down the unknowns. Proof-of-concept makes way for proof-of-creation.

Three proof points that any pilot should deliver:

  • Desirability: Proof that the product is desired by the end user
  • Feasibility: Proof that the technology works and is fit for scale
  • Commerciality: Analysis to support a compelling business case for deployment at scale

Access:

Organizations need to network just as much as university interns, and connecting startups with a broader network is a fabulous way to collaborate when it accelerates the deployment of breakthrough innovation and, eventually, commercial solutions.

Under these three pillars, the next wave of Start Path companies are off and running.

When Start Path companies flock to Miami next week for the annual Start Path summit, they’ll meet with Mastercard business units, customers and channels to open the right doors for commercial results – long term-value creation.

I’m delighted to welcome our new collaborators to Start Path, a group of 180 cutting-edge organizations that have raised $1.2 billion in capital and are working with the key payments industry players who are shaping the future of commerce:

Start Path leads to a true partnership between large organizations and startups. This allows us to innovate faster and smarter and Start Something Priceless together.

The post Common Ground with Startups appeared first on Global Hub.


  • Posted on Friday November 16, 2018
  • Created by Chaiti Sen

Wildfire Devastation in California

Deadly wildfires in both northern and southern California are threatening entire communities and forcing hundreds of thousands of people to evacuate. The fire is only 25 percent contained and is on track to become the most destructive fire in the state’s history. In southern California alone, the Hill and Woosley fires are threatening communities west …
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Deadly wildfires in both northern and southern California are threatening entire communities and forcing hundreds of thousands of people to evacuate. The fire is only 25 percent contained and is on track to become the most destructive fire in the state’s history. In southern California alone, the Hill and Woosley fires are threatening communities west of Los Angeles, burning more than 91,000 acres and have already destroyed nearly 400 homes.offset_165350

Mastercard has donated $150,000 to American Red Cross California relief efforts. Together with the issuers, Mastercard is waiving any interchange related to donations through January 15, 2018 to specific charities including:

The company is also working closely with FEMA to share information on which stores, gas stations, hotels and ATMs are up and running so that the organization has the information it needs to help support communities in crisis. During times like these, Mastercard is using the strength of the network, technology, insights and know-how to help the communities work to solve social and humanitarian challenges.

Join us in supporting the Red Cross https://www.redcross.org/donate/cm/mastercard-pub.html

The post Wildfire Devastation in California appeared first on Global Hub.


  • Posted on Monday November 12, 2018
  • Created by Stephen Sadove

’Tis the season for growth

Mastercard SpendingPulseTM forecasts a big holiday shopping season It’s shaping up to be one heck of a holiday shopping season. Mastercard SpendingPulse™, which provides insights into overall retail spending trends, is forecasting a banner year for online and in-store commerce across all payment types. Total retail sales (excluding automotive) are expected to grow 5 percent and …
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The post ’Tis the season for growth appeared first on Global Hub.

Mastercard SpendingPulseTM forecasts a big holiday shopping season

It’s shaping up to be one heck of a holiday shopping season. Mastercard SpendingPulse™, which provides insights into overall retail spending trends, is forecasting a banner year for online and in-store commerce across all payment types.

Total retail sales (excluding automotive) are expected to grow 5 percent and e-commerce at 20 percent over last year.

Between Nov. 1 and Dec. 24, you can expect overall U.S. retail sales (excluding automotive) to come in 50 percent higher than 10 years ago—and 19 percent higher than just five years ago.

Ecommerce sales this season should be especially strong, up 104 percent for the entire season compared to five years ago.

What can you expect as the holiday shopping season gets into full swing on Thanksgiving? Here’s a closer look at some of the forecast insights from Mastercard SpendingPulse.mc-1

The more the merrier this Thanksgiving weekend

Pass the gravy. Holiday buyers are really going to be loading up their plates—with overall sales on Thanksgiving weekend up 19 percent compared to five years ago and eCommerce up 137 percent. And they have an entire buffet of options for engagement.

The way consumers buy—and make buying decisions—is changing. In-store shopping, online purchasing, and blended experiences, such as “buy online/pick up in store” are all on the menu. In particular, commerce via social media platforms and other emerging business models are reshaping the face of marketing and sales. Consumers are looking at what’s in their pockets, and they’re finding their phones as well as their wallets, with about 80 percent of purchase decisions being affected by mobile.1

Two big days: the 23rd and the 23rd

Mastercard SpendingPulse forecasts that Sunday, Dec. 23, will see about the same sales volume as Black Friday, Nov. 23.

mc-2

And brace for a big finish as we head toward the New Year

According to Mastercard SpendingPulse, the country will spend more than $60 billion on retail purchases during the Friday-through-Sunday final weekend before Christmas. That’s 50 percent more than a decade ago—and 19 percent more than just five years ago.

More to unwrap for the holidays

The holidays are just getting started, and there’s a lot more to discover and celebrate about this season’s expected retail activity.

mc-3

About Mastercard SpendingPulse:

Mastercard SpendingPulse reports on national retail sales across all payments types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.

 

 

The post ’Tis the season for growth appeared first on Global Hub.


  • Posted on Tuesday November 06, 2018
  • Created by James Anderson

Plenty of Room to Grow: Solutions to Put Micro, Small, and Medium Enterprises on a Path to Prosperity

When Mastercard made a commitment to bring affordable financial access to 500 million people by 2020 and 40 million micro merchants by 2021, many more promises came with it. In my role, the biggest of those promises is to uncover the systemic causes of financial inclusion among businesses; then gather insights, develop tools and forge …
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The post Plenty of Room to Grow: Solutions to Put Micro, Small, and Medium Enterprises on a Path to Prosperity appeared first on Global Hub.

When Mastercard made a commitment to bring affordable financial access to 500 million people by 2020 and 40 million micro merchants by 2021, many more promises came with it. In my role, the biggest of those promises is to uncover the systemic causes of financial inclusion among businesses; then gather insights, develop tools and forge partnerships to remove those barriers.

Let’s start with the numbers: there are approximately 162 million formal micro, small and medium enterprises (MSMEs) in emerging markets globally. These small businesses generate an estimated nine out of ten new jobs around the world today and are key drivers of economic growth.

But there are fundamental problems with how these businesses operate. First, many of these businesses transact only in cash, but a reliance on cash makes them vulnerable to theft. It also leaves no data trail, leading to problem number two.

Without any historic business records, it’s extremely difficult for businesses to access financing. In emerging markets, MSMEs are facing a $5.2 trillion finance gap, which means that almost 60% of this segment’s potential finance demand is being overlooked.

But once we identify the problems, we can respond with solutions. For us, this includes:

  1. Channel Expansion: We value our long-standing partnerships with banks, but to drive change, we know we need to broaden our reach through other channels. My team and I look for innovation and scalability to drive impact, leading to deeper relationships with partners like the IFC, and new relationships with emerging fintechs and alternative lenders. In a recent example of new partnerships making a difference, we worked with Unilever and created a digital platform in Kenya called Jaza Duka that allows micro and small businesses to access and use low-risk micro-credit, underwritten by a participant bank.
  1. Segment-Based Strategy: My team worked hard to develop a segment-based strategy that will give small business owners a single relationship with their bank that addresses both their consumer and business needs. We’re focused on addressing the total needs of small business owners by bringing together products, services and acceptance capabilities, driven by our commitment to enable small business owners to buy, operate, and sell.
  1. Moving Beyond Payments: Our innovation, digitization and facilitation are giving banks, financial institutions and other partners the tools they need to function not only as service providers, but as trusted advisors to small business owners. For example, Mastercard Track, a global trade platform which we developed in collaboration with Microsoft, addresses key small business challenges by streamlining and automating the procure-to-pay-process – enabling businesses to manage business identity, compliance and payments efficiently.

Access to finance is just one topic I’ll be discussing at the SME Finance Forum in Madrid on Tuesday. I’m looking forward to joining others to shed light on the challenges and unlock the solutions to help our MSMEs, and, in turn, our global economy thrive.

The post Plenty of Room to Grow: Solutions to Put Micro, Small, and Medium Enterprises on a Path to Prosperity appeared first on Global Hub.


  • Posted on Tuesday October 30, 2018
  • Created by Martina Hund-Mejean

Earnings Review: Solid Strategy, Strong Performance

This morning, we reported Mastercard’s financial results for the third quarter of 2018. We are pleased to deliver another very strong quarter, delivering EPS growth of 36 percent versus last year. Net revenue grew 17 percent on a currency-neutral basis, driven by volume and transaction growth. Our volumes continued the momentum from earlier in the …
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The post Earnings Review: Solid Strategy, Strong Performance appeared first on Global Hub.

This morning, we reported Mastercard’s financial results for the third quarter of 2018. We are pleased to deliver another very strong quarter, delivering EPS growth of 36 percent versus last year.

Net revenue grew 17 percent on a currency-neutral basis, driven by volume and transaction growth. Our volumes continued the momentum from earlier in the year, growing at a double digit rate across most regions, as cross-border volume increased 17 percent. Mastercard_logo

During our conference call, Ajay and I discussed how we continue to execute against our strategy, investing in our core products and differentiated services capabilities to be a one-stop shop for our customers. Some highlights and themes from the quarter include:

Deal Momentum – Our focus on providing our customers the solutions that have meaning and value for the end user continues to differentiate us. In the quarter, we expanded a number of relationships with customers like HSBC across several markets, Bankia in Spain and PayPal through direct issuance in Germany and the U.K.

Supporting Local Needs – In Asia Pacific, we are building and expanding relationships with domestic networks. As we work to comply with local regulations, we are bringing integral experience and services – like safety and security and our e-commerce gateway – to provide even more value to consumers with new co-badged programs and debit portfolios that are moving to our brand.

Opening New Payment Flows – In September, we launched Track, a new global trade platform that will help businesses across the B2B segment better manage suppliers, create more transparency and soon integrate payments, including our account-based payment rails. Our Faster Payments activities are also delivering an advanced anti-money laundering solution in the UK and providing U.S. consumers a new way to view, manage and pay bills from their bank accounts and apps.

Focusing on the Digital Experience – We are focused on delivering the best possible digital experience for consumers, merchants and issuers. They want – and we are bringing them – a safe, streamlined and consistent checkout experience across all devices in-store and online. Throughout the quarter, we shared updates on how the investments we’ve made – industry standards, tokens, biometrics, AI and more – will help deliver this.

While the calendar is quickly shifting to the final months of the year, we are maintaining our focus on executing against our strategy and being the best partner to merchants and issuers. We will continue to invest in key long-term growth areas such as these to further strengthen our foundation for future growth.

The post Earnings Review: Solid Strategy, Strong Performance appeared first on Global Hub.


  • Posted on Tuesday October 30, 2018
  • Created by Dan Salazar

Bridging the gap between Financial Access and Usage

A new white paper outlines lessons learned in banking the unbanked and creating a path to prosperity. Financial inclusion is more than connecting people to a bank account. It is helping level the playing field for small farmers by providing access to buyers, pricing and speedier payments. It is replacing unwieldy paper voucher systems in …
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The post Bridging the gap between Financial Access and Usage appeared first on Global Hub.

A new white paper outlines lessons learned in banking the unbanked and creating a path to prosperity.

Financial inclusion is more than connecting people to a bank account. It is helping level the playing field for small farmers by providing access to buyers, pricing and speedier payments. It is replacing unwieldy paper voucher systems in humanitarian crises with preloaded digital cards for food and supplies. It is offering tools to help people manage income streams and plan for their future. It is helping small and micro merchants expand their business by using their purchasing history with suppliers to assess their credit-worthiness.Screen Shot 2018-10-29 at 10.51.44 AM

Access to these and other digital financial tools is a critical element of financial inclusion. Mobile networks reach nearly 90 percent of the population in developing nations today, making digital financial access ever more feasible. But, access is meaningless if people do not use the service. Today, about one in five bank or mobile money accounts is inactive.

That conundrum is the topic of a recent white paper by Mastercard, “The Next Frontier in Financial Inclusion: Moving Beyond Access to Usage.”

The paper is the first in a series by Mastercard’s Global Prepaid team that focuses on topics critical to building robust, commercially viable approaches to financial inclusion. For Mastercard, that means developing products that are actively used and that benefit consumers. Helping populations connect to networks that help them save, expand their business and become financially secure means that government and corporate partners do good not only for the individuals they serve, but for local economies as well.

To achieve these goals, we must put the consumer and his or her needs front and center with well-designed products. We must also build an infrastructure that enables the consumer’s journey to financial health.

The papers in the series build on lessons we are learning from programs that have connected more than 330 million financially excluded consumers to the formal financial system.  From our perspective, there are three key components necessary to moving the newly included from access to usage.

  • Focus human-centered design on customer needs and cultural considerations. Our market research in 16 focus markets across five regions shows, for example, that urban residents are more commercially engaged, have greater access to financial services and are more familiar with their use. Rural residents, in contrast, rely more on cash and are more risk-averse. Two-thirds, for example, were afraid of losing control of their money or savings if they didn’t have physical control of them. These insights can help product design teams tailor tools to different audiences.
  • Build financial knowledge and change behavior. Knowledge and trust are major hurdles in any financial transaction. Access to mobile accounts is nearly universal in the Middle East, for example, yet use of mobile financial services is still rare, mainly because of a lack of trust. To overcome this, financial service providers in Egypt created a text messaging option to open a dialogue and answer key questions about finances and financial pain points. Growing knowledge and trust led to a 5-8 percent rise in monthly transactions.
  • Build robust ecosystems to enable scale. New models for deploying technology, along with new payment flows and channels, are key to expansion. In Pakistan, for example, a partnership between the national bank, two of Pakistan’s leading telecommunications players and Mastercard led to progress in expanding digital payments. In the spirit of cooperation, the partners recognized the value in allowing a consumer to pay at any accepting merchant, regardless of provider. This payment interoperability was critical to improving the overall level of acceptance. By addressing consumer and merchant needs collaboratively, the service providers were able to reach a far larger population more quickly.

Partnerships such as that in Pakistan will be imperative to continued success. In subsequent white papers, we will provide additional details on developing robust payment systems and robust partnerships.

There are opportunities beyond the payments industry for actors with an interest in the benefits of digitization to partner and help drive the growth of payments. Stakeholders across different industries, from agriculture to telecommunications to consumer goods, all have important roles to play in the extension of digital payments to the base of the pyramid. These nontraditional stakeholders, who may not have previously recognized payments as an opportunity to expand into new markets or to reduce costs, have considerable incentives to adopt digital payments.

By engaging with a broad and diverse group of strategic partners we can tackle this enormous challenge and help move hundreds of millions of people toward financial health and inclusive growth.

Dan Salazar is director of product operations for new consumers at Mastercard. He manages Mastercard’s pre-paid humanitarian products and tracks progress toward reaching the company’s financial inclusion goals. He is currently developing a series of papers to share insights from Mastercard’s financial inclusion programs and partnerships.  He previously led acceptance strategy and engagement efforts at Mastercard focused on financial inclusion.

This post was originally published by the Mastercard Center for Inclusive Growth.

The post Bridging the gap between Financial Access and Usage appeared first on Global Hub.


  • Posted on Thursday October 25, 2018
  • Created by Cheryl Guerin

Thank You for Making It a Date to Start Something Priceless

We did it! I am thrilled to announce that  we reached our goal of donating $4 million to Stand Up To Cancer (SU2C) through our ‘Make It a Date’ campaign on October 10. On that day, all of you got together with your friends, your families, and your colleagues and dined out—for breakfast, lunch, and dinner. …
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We did it!

I am thrilled to announce that  we reached our goal of donating $4 million to Stand Up To Cancer (SU2C) through our ‘Make It a Date’ campaign on October 10. On that day, all of you got together with your friends, your families, and your colleagues and dined out—for breakfast, lunch, and dinner. And when you did that and spent $10 or more using your Mastercard, we made a donation to SU2C.*

Reaching our goal means since we began working with Stand Up To Cancer nine years ago, we’ve donated more than $45 million to support cancer research. This achievement is proof that together, we can harness the power of bringing people together to support a powerful cause. But we couldn’t do it without the help of a lot of people—and I must take a moment to thank them for making this happen.

First, a special thank you to all of our cardholders – when you dined out and used your Mastercard on 10/10, we made a donation to SU2C to support cancer research.

We also must thank our issuing banks and restaurant partners. They made each transaction count with their tremendous support.

Finally, thank you to our friends at Stand Up To Cancer. Your efforts to turn every cancer patient into a long-term survivor are truly making a difference—and we are proud to collaborate on programs like ‘Make It a Date’ with you.

We’ll be celebrating this achievement and sharing it with all of you on October 27, when Mastercard will make an on-field presentation to SU2C representing the donation during the 2018 World Series in Los Angeles. Tune in and stand up with us!

*One dollar donation to Stand Up To Cancer applied to qualifying U.S. restaurant purchases $10 or more made with a U.S. Mastercard, up to $4,000,000. Qualifying purchases had to be made at a restaurant as defined by the applicable Mastercard Merchant Category Code.

The post Thank You for Making It a Date to Start Something Priceless appeared first on Global Hub.


  • Posted on Thursday July 18, 2019
  • Created by Joan E. Solsman

Netflix subscriber growth got pummeled by sleepy release slate pre-Stranger Things - CNET

Netflix surpassed 150 million paid members, but it booked only about half the new subscribers it had predicted.


  • Posted on Thursday July 18, 2019
  • Created by Abrar Al-Heeti

AI can solve a Rubik's Cube before you even get started - CNET

The algorithm gets it done in just over a second.


  • Posted on Thursday July 18, 2019
  • Created by Oscar Gonzalez

Fortnite season 9 Overtime Challenges Leak: Early look at last chance to level up - CNET

Time is running out to reach Battle Pass Tier 100.


  • Posted on Thursday July 18, 2019
  • Created by Ben Fox Rubin

Sanders, Omar call for Labor Department investigation of all US Amazon warehouses - CNET

The two were joined by 11 other members of Congress, including Alexandria Ocasio-Cortez and presidential candidate Tulsi Gabbard.


  • Posted on Thursday July 18, 2019
  • Created by Matt Elliott

Walmart's Summer Sale: The final hours for deals on Xbox, Nintendo, TV and laptops - CNET

We're in the home stretch for savings on Xbox and Switch bundles, Google smart home products, Chromebooks, iPads, Apple Watches and Vizio TVs.


  • Posted on Thursday July 18, 2019
  • Created by Andrew Krok

Ford and Roush’s 710-hp ‘Old Crow’ Mustang pays respect to a WWII triple ace pilot - Roadshow

It'll be auctioned off for a good cause later this month.


  • Posted on Thursday July 18, 2019
  • Created by Alfred Ng

Google removes stalkerware apps after researchers discover trackers on Play Store - CNET

The apps had been installed more than 130,000 times and promoted stalking people's location and providing call logs.


  • Posted on Thursday July 18, 2019
  • Created by Oscar Gonzalez

Fortnite The Final Showdown: What to know about the giant robot vs. monster event - CNET

Who's going to get the Victory Royale?


  • Posted on Thursday July 18, 2019
  • Created by Bonnie Burton

Comic-Con survival tips from Adam Savage, Jim Lee and more insiders - CNET

Plan, but be ready to pivot. Get over your FOMO. Here are must-have tips from the pros as SDCC 2019 approaches.


  • Posted on Thursday July 18, 2019
  • Created by Corinne Reichert

Facial recognition banned in another city - CNET

Oakland, California, has followed San Francisco as the second Bay Area city to vote down the use of the technology.


  • Posted on Thursday July 18, 2019
  • Created by Andrew Krok

Hennessey Goliath 6X6 is a wild way to peacock in a Silverado - Roadshow

The first Goliath is going to the owner of Wisconsin's largest potato farm.


  • Posted on Wednesday July 17, 2019
  • Created by Kyle Hyatt

Toyota and CATL are partnering up on battery production - Roadshow

Chinese company CATL is also supplying batteries for EVs to Volvo and Honda, but the Toyota deal will likely dwarf both of those.


  • Posted on Wednesday July 17, 2019
  • Created by Sarah Mitroff

Weighted blankets: How they work, and why you should get one - CNET

Could a heavy blanket be the answer to your stress, insomnia and anxiety?


  • Posted on Thursday July 18, 2019
  • Created by Sarah Mitroff

7 of the best weighted blankets in 2019 - CNET

These are some of the most stylish and well-rated weighted blankets you can buy.


  • Posted on Wednesday July 17, 2019
  • Created by Amanda Capritto

The 13 best Apple Watch bands to get on Amazon - CNET

From stainless steel to silicone, find an Apple Watch band for every purpose.


  • Posted on Wednesday July 17, 2019
  • Created by Stephen Shankland

Elon Musk says Neuralink plans 2020 human test of brain-computer interface - CNET

"A monkey has been able to control a computer with his brain," CEO Musk says of his startup's brain-machine interface.


  • Posted on Wednesday July 17, 2019
  • Created by Amanda Capritto

The 7 best Apple Watch chargers you can buy on Amazon - CNET

Keychain that charges your Apple Watch? Yep, Amazon’s got it.


  • Posted on Thursday July 18, 2019
  • Created by Amanda Capritto

Impossible Burger vs. Beyond Meat Burger: Taste, ingredients and availability compared - CNET

A guide to the two hottest faux meat products.


  • Posted on Wednesday July 17, 2019
  • Created by Amanda Kooser

Beyond Apollo: See NASA aim for the moon with Artemis 2024 - CNET

NASA's ambitious Artemis program wants to put the first woman and the next man on the moon in just a few short years.


  • Posted on Wednesday July 17, 2019
  • Created by Dhara Singh

Google, Facebook, Twitter put on notice about deepfakes in 2020 election - CNET

The chairman of the House Intelligence Committee wants to know how social media will handle deepfake videos ahead of the next presidential election.


  • Posted on Wednesday July 17, 2019
  • Created by Jon Wong

Complete history of the Chevy Corvette, from 1953 to present - Roadshow

Looking back at the Chevrolet sports car's past before finding out where the new C8 is going.


  • Posted on Wednesday July 17, 2019
  • Created by Andrew Krok

Peloton's Automated Following for trucks keeps the driver at the forefront - Roadshow

Literally -- it relies on a human to lead a platoon of autonomous trucks.


  • Posted on Wednesday July 17, 2019
  • Created by Shelby Brown

eBay Crash Sale ends today: These are the deals you can still get - CNET

The e-commerce site decided to capitalize on Amazon's crash during last year's Prime Day.


  • Posted on Wednesday July 17, 2019
  • Created by Joshua Goldman

DJI's Ronin-SC a trimmed-down single-handed camera stabilizer for $439 - CNET

It's smaller and lighter than the original, but the feature set is still just as big.


  • Posted on Wednesday July 17, 2019
  • Created by Dhara Singh

Phones shipments face their worst decline ever, Gartner says - CNET

Global shipments of mobile devices will decrease by 68 million this year, more than PCs and tablets.


  • Posted on Wednesday July 17, 2019
  • Created by

Visa announces the acquisition of Payworks

(The Paypers) Visa has announced it has acquired Payworks, a Germany-based provider of next-generation payment gateway software for the POS.


  • Posted on Wednesday July 17, 2019
  • Created by

Credorax, Cisco partner for payment services

(The Paypers) Credorax has partnered with Cisco to upgrade its data-center network’s capabilities, capacity, and latency.


  • Posted on Wednesday July 17, 2019
  • Created by

Billie raises EUR 30 mln for its B2B invoicing and payments platform

(The Paypers) Billie, the Germany-based fintech startup that offers a B2B invoicing and payments platform, has raised EUR 30 million in Series B funding.


  • Posted on Wednesday July 17, 2019
  • Created by

OBIE launches Open Banking report

(The Paypers) The OBIE has announced the launch of ‘Open Banking: Preparing for Lift Off’ – a report which examines the purpose, progress and potential of Open Banking.


  • Posted on Wednesday July 17, 2019
  • Created by

France to approve first crypto-issuers as new rules loom

(The Paypers) France’s financial watchdog has revealed plans to approve a first tranche of cryptocurrency-related companies under new rules on digital coins.


  • Posted on Wednesday July 17, 2019
  • Created by

Mobile money transfers to exceed 200 bln transactions in 2024

(The Paypers) The volume of domestic money transfers via mobile will exceed 203 billion in 2024, up from 130 billion in 2019, according to new data from Juniper Research.


  • Posted on Wednesday July 17, 2019
  • Created by

OneSpan and Avaloq team up to help financial institutions prevent fraud

(The Paypers) Avaloq, a global fintech provider of software as a service (SaaS) and business process as a service (BPaaS) solutions to financial institutions, has integrated OneSpan solutions into its cloud-based banking platform.


  • Posted on Wednesday July 17, 2019
  • Created by

Trustonic joins PCI Security Standards Council as participating organization

(The Paypers) Trustonic has joined the PCI Security Standards Council (PCI SSC) as a new participating organization.


  • Posted on Wednesday July 17, 2019
  • Created by

Tata Communications and Thales to team up for data security

(The Paypers) Digital security provider Thales and digital infrastructure provider Tata Communications has started working together to develop a secure global IoT connectivity solution.


  • Posted on Wednesday July 17, 2019
  • Created by

Card acceptance startup SumUp secures USD 371 mln loan

(The Paypers) UK-based mobile point-of-sale (mPOS) company SumUp has raised USD 371 million loan from investors to support expansion.


  • Posted on Thursday August 16, 2018
  • Created by Talking Payments

Is open banking doomed from the start?

The financial world is currently in the throes of implementing two landmark regulations aimed at making the banking sector more customer-centric, secure, competitive and innovative.   However, if you look beyond the headlines, it is clear there is ...


  • Posted on Thursday August 17, 2017
  • Created by Talking Payments

The evolution of attacks against PoS devices

Point-of Sale (POS) cybercrime is highly sophisticated, with cyber attackers continuing to target the retail industry aggressively to obtain credit and debit card account data. The ubiquity and widespread deployment of these POS systems is what makes them...


  • Posted on Friday July 28, 2017
  • Created by Talking Payments

When payment has a point

What's the point of payment? For most businesses it’s an entirely functional affair.   It’s the necessary transaction that signals the end of a customer’s experience. They’ll have swiped their card, or punched their pin, but...


  • Posted on Wednesday March 08, 2017
  • Created by Talking Payments

'Stick-on’ technology set to revolutionise online payments

While 2016 may have been yet another year where bitcoin dominated industry conversations, the hype is beginning to get a bite of reality. While many organisations have been exploring its applications, even the most optimistic predictions of mainstream use...


  • Posted on Tuesday December 13, 2016
  • Created by Talking Payments

Are you making it too easy for your online customers to abandon

There are all sorts of reasons why consumers abandon their purchases at online checkouts, but most of the solutions tried by retailers fail to overcome this payment issue. Consumers are being offered more choice than ever, but many retailers don’t t...


  • Posted on Tuesday October 25, 2016
  • Created by Talking Payments

Move over bitcoin, blockchain is coming to a bank near you

Bitcoin, the ‘cryptocurrency’, reached a peak of $750 in June 2016 and is thriving like never before. Some even predict it could finally reach mainstream this year. While it is some way short of the dizzying high of $1,216, achieved in late 20...


  • Posted on Wednesday October 05, 2016
  • Created by Talking Payments

Brexit and PSD2 – an opportunity for faster payments

Depending on what you read, the decision on Brexit currently seems a little bit like doing the Hokey Cokey. Whatever the outcome, there is likely to be significant impact on the revised Payment Services Directive (PSD2), so what can merchants expect regar...


  • Posted on Thursday August 25, 2016
  • Created by Talking Payments

Contactless – 2 sectors that are cashing in

Contactless payments have become mainstream in the UK – that’s a fact. According to new figures from Barclaycard, British consumers are now making seven million tap-and-go purchases per day, and these numbers are growing all the time.  H...


  • Posted on Tuesday August 09, 2016
  • Created by Talking Payments

Cash – why it's here to stay

Recent statistics by Visa Europe have shown that at least one-in-five card transactions are now tap-and-pay, compared to just one-in-sixty in 2013. In fact, Visa had three billion contactless payments in Europe in the last year alone - triple the amount o...


  • Posted on Thursday May 12, 2016
  • Created by Talking Payments

What’s putting shoppers off at the point of payment?

Retailers spend a lot of resources and effort on bringing customers in-store, but often overlook the means to commit shoppers to actually going through with payment and purchase. So what is putting shoppers off at this stage of the journey?  Our rec...


  • Posted on Wednesday April 27, 2016
  • Created by Talking Payments

How can banks meet the needs of the digital consumer?

There’s often talk about how retailers must adapt in this digital age. As consumers of all ages become increasingly tech-savvy, these organisations are in constant competition to be the most innovative.  Yet, this battle stretches beyond the s...


  • Posted on Thursday April 07, 2016
  • Created by Talking Payments

Why mPOS allows retailers to focus on customer service

As a result of changing customer behaviour, retailers are increasingly looking for more innovative solutions. Sticking with something because it is ‘the way it has always been done’, is no longer an option. This is as true of payments, as it i...


  • Posted on Wednesday February 24, 2016
  • Created by Talking Payments

Why 2015 was the year that contactless truly went mainstream

Contactless – it’s now a word that’s widely recognised in British society. After being promoted by the business community for some time, the payment method is finally becoming habit for consumers too. In fact, it’s been causing suc...


  • Posted on Tuesday February 23, 2016
  • Created by Talking Payments

One step closer to Samsung Pay

At Mobile World Congress in Barcelona, Samsung has officially confirmed what we have expected for a while - Samsung Pay will arrive in the UK later this year, finally debuting on the European scene. But with Apple Pay now well established and claiming a f...


  • Posted on Monday January 11, 2016
  • Created by Talking Payments

How realistic is a cashless society?

For years the industry has been referencing the demise of cash in the UK. The rise of digital payment methods have of course added a whole new level of convenience to our spending habits – but does this really mean we’re prepared to completely...


  • Posted on Wednesday November 25, 2015
  • Created by Talking Payments

Black Friday propels transactions but results in costly returns

Currently UK consumers spend more than £19,000 every day on credit, debit, and charge cards. This is set to increase tenfold on Black Friday, where it’s predicted sales will exceed £1.9billion in a single day.However, while transactions ...


  • Posted on Thursday October 29, 2015
  • Created by Talking Payments

Pubs pour more pints with iPads

When it comes to opening a restaurant a lot of thought goes into the menu, décor and atmosphere. Whether it be deciding what colour scheme to have, or how to design your menu, business owners want to have a consistent brand image and create a uniqu...


  • Posted on Friday September 25, 2015
  • Created by Talking Payments

Are retailers paying attention to their social customers?

It’s no secret that we live in a world populated by social media addicts. Tweeting, liking and scrolling through a stream of social content is part of daily activity for most consumers – and retailers are jumping in on the trend.  92% of...


  • Posted on Thursday September 24, 2015
  • Created by Talking Payments

What if Apple entered the banking sector?

Over the past ten years, innovations in technology have dramatically changed how each industry operates and communicates, and the banking and finance sector is no different. The most recent disruptive change was in payments, firstly with contactless cards...


  • Posted on Friday August 28, 2015
  • Created by Talking Payments

The payments innovations that consumers really want

Long have the likes of cash, cards and contactless dominated the payments headlines – but which actually interest consumers?  Usage of these three key ways to pay is always high, which has led many in the sector to believe they can pinpoint ex...