MasterCard’s payment system delivers inherent benefits to societies worldwide, increasing local commercial activity, driving the development of Internet commerce, and enabling even remote towns and villages to participate more fully in the global economy. In addition, here are other ways our system delivers value:
Financial inclusion: Our debit and prepaid payment cards serve as an entry point for young and unbanked customers, enabling those without accounts to begin engaging with the “formal” financial system.
Democratization of credit: Payment cards are no longer the sole province of the wealthy. Today, our system makes them available to any creditworthy individual or business.
Better accounting: Through detailed account statements and tools, we make record keeping easier. This helps consumers and businesses with budgeting and tax compliance, while supporting government efforts to control money laundering.
Disaster Relief: Payment cards offer a more efficient way to aid victims of natural disasters. The first major test of this concept was Hurricane Katrina in the United States. In the aftermath of the storm, prepaid cards, developed by MasterCard, JP Morgan and the American Red Cross, enabled victims to quickly purchase clothing, groceries and other supplies.
Government Efficiency: Increasingly, governments are choosing to distribute benefits in the form of prepaid cards. These cards not only save taxpayers substantial sums over check-based systems, they also offer the ability to deliver unique, value-added features, including: