Leading during COVID-19
Mastercard is focused on helping individuals and businesses weather these challenging times not only by ensuring our network remains secure, resilient and reliable but also by applying our technology, philanthropy, and data science expertise to rebuild healthy communities and ensure that economic growth is inclusive.
Mastercard has committed up to $300 million in the fight against COVID-19
These funds are supporting the search for a cure and will aid small businesses and financially vulnerable communities around the world.
$250 million in financial, technology, product and insight assets over the next five years to support the financial security and vitality of small businesses and their workers. Including:
- $1 million to Grameen America to support the transition of low-income women entrepreneurs to digital banking. Thanks to this partnership, women can establish a financial identity and grow their businesses by digitizing their operations and accessing microloans.
- $1 million to the Community Reinvestment Fund to help small businesses access federal relief.
$25 million seed money to establish the COVID-19 Therapeutics Accelerator with the Bill and Melinda Gates Foundation and Wellcome to speed the development of and access to therapies. Total public and private donor funding has reached close to $300 million to date.
$10 million in emergency grants including:
- Jointly with PepsiCo, $1 million to support frontline medical workers at White Plains Hospital in Westchester, NY (where both companies have their headquarters).
$10 million challenge issued by data.org for ideas that use data science to advance inclusive growth and recovery around the world. data.org was founded by the Mastercard Center for Inclusive Growth and the Rockefeller Foundation in January 2020.
One billion stronger
Inclusive growth requires us to put the digital economy to work for everyone, everywhere. In light of the stark digital inequality gaps being exacerbated by COVID-19, we have expanded our worldwide commitment to financial inclusion, pledging to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025. There will be a direct focus on providing 25 million women entrepreneurs with solutions that can help them grow their businesses.
- COVID-19 Response