MasterCard Promotes Financial Inclusion With Electronic Payments
Tuesday, September 24, 2013
While payment cards are often promoted as premium status-driven consumer products in the United States and Europe, in developing countries debit cards are proving valuable for delivering child benefits, pension payments and government salaries.
Ann Cairns, president of international markets at MasterCard, said the card company has nine big projects underway around the world that will reach 350 million people, many of them unbanked.
Grindrod Bank in South Africa has issued 10 million MasterCard debit cards covering 22 million people in South Africa. The debit cards, issued through the South African Social Security Agency (SASSA), have biometric functionality to positively identify grant recipients.
Source: Forbes (link opens in a new window)