Thursday, October 31, 2013
In an address at the Financial Inclusion 2020 Global Forum held in London Oct. 28 through 30, 2013, MasterCard Worldwide President and Chief Executive Officer Ajay Banga highlighted the central role prepaid accounts and mobile payments are playing in advancing financial access for millions of unbanked and underbanked people worldwide. "Today's payments technology – prepaid and mobile coupled with biometrics – brings millions of people access to financial tools for the first time, enabling them to live more secure, empowered and included lives," he said.
MasterCard cited a study conducted by the Bill & Melinda Gates Foundation and McKinsey & Co. that found only countries with relatively widespread access to electronic payment systems achieve high levels of financial inclusion. The report, Fighting Poverty, Profitably, said countries where over 70 percent of its people can pay electronically, over 85 percent of those populations are holders of some form of electronic financial account.
In 2013, MasterCard has launched over 10 financial inclusion programs with its financial partners, including:
MasterCard said its financial access programs are designed to bring electronic financial services to over 350 million people worldwide.
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