David Westin discussed on Balance of Power

Automatic TRANSCRIPT

David Westin will the pandemic is point out the problems we have in our society and our economy we may have no we had but boys really emphasizing how bad they are and one of the areas is in the extreme inequality in terms of financial services available to people that's a MasterCard is working for some time and now they are redoubling their efforts I'm pleased to say we have the vice chairman of MasterCard is also president of economic growth for the company Mister Michael foreman actually ambassador Michael Froman served as trade representative under president Obama so Michael thank you so much for being with us give us a sense of what this initiative is as I say it's an expansion vanished into what you have been doing well that's that's right David thank you for having me about five years ago MasterCard committed to bringing half a billion people who have been excluded from the financial system into the system we check that call last quarter about nine months ahead of schedule and we decided that now more than ever it's important to make sure people have access to the digital economy so we double down we raise that goal now to a billion between now and twenty twenty five he also said it's really important to bring fifty million micro and small businesses into the economy and because it continues to be a gender gap when it comes to financial inclusion women tend to lag about nine percent behind men in terms of being included we're gonna we're gonna focus vertically on reaching twenty five million women owned or women run businesses around the world someone will give us a sense of the geographer geography personnel how many of these in the United States however there are in overseas because master of course is a global company well it about a one point seven billion people around the world who are still excluded from the financial system most of them are in developing countries but there are people right here in United States and in Europe who are also excluded people who are unbanked or under banked their estimates that the new US December twenty thirty and forty million people who have no formal relationship to the financial system so a lot of what we're focused on it but it will vary from country to country as that over the last five years is figuring out how best to reach them sometimes it'll be through government disbursement programs and for example millions of people will get their economic payments from the government on one of our our cards sometimes it'll be working with within tax who have a capability of bringing people into the financial system that didn't exist five or ten years ago will be partnering with other companies a partnership with a group called the women's which is a big coffee trading group that helped put their workers for example in Mexico on digital payments and it means that the worker the other grower the coffee is getting twenty percent more for her product and she might have gotten before because we've eliminated the need to go through metal manacles for cash Michael you mentioned a small businesses as well as part of this it gives a sense what you're seeing with MasterCard extension which small business are drawing down their credit is a pragmatic putting on a credit card or for that matter just not buying things at all maybe with reduced activity well we're simply saying impact here people are focusing on the central purchases like groceries and and and pharmacy purchases there's a big movement from brick and mortar to e-commerce bad but even more people whether it's brick and mortar people are going face to face we're seeing a big rise above the call contactless payments forty percent growth around the world and people going in just tapping the card because they don't want to hand over their car to somebody they don't want to handle cash they don't want to put in a pin number and to be able to just tap and go is a safe and secure way of of making payments of small businesses as you said are particularly hit by this crisis we've committed two hundred.

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