|[September 16, 2013]
MasterCard Joins Better Than Cash Alliance
DUBAI, United Arab Emirates --(Business Wire)--
Today, MasterCard announced,
with a $1.5 million grant, that it is joining the Better
Than Cash Alliance. MasterCard's (News - Alert) commitment comes at the one-year
anniversary mark for the Better Than Cash Alliance, which works with
governments, the development community and the private sector to
digitize their cash payments to people in emerging economies. The
initiative for electronic payments was founded last year by the Bill &
Melinda Gates Foundation, Citi, Ford Foundation, Omidyar Network, USAID,
U.N. Capital Development Fund and Visa Inc. MasterCard joins the
Alliance as the first funder since the original commitments announced at
From left: Ann Cairns, president, International Markets at MasterCard and Ruth Goodwin-Groen, managing director of the Better Than Cash Alliance announce the joining of MasterCard into the Better Than Cash Alliance at Sibos 2013 in Dubai, UAE. MasterCard will work in partnership with the Better Than Cash Alliance to digitize cash payments in emerging economies.
"MasterCard is excited to join the Better Than Cash Alliance to help
educate and engage the public on the cost of cash to society which can
be as much as 1.5 percent of a country's GDP," said Ann Cairns,
President, International Markets at MasterCard. "Electronic payments
have been proven to boost economic growth and accelerate financial
inclusion - but we recognize that to move the needle, businesses,
governments and NGOs need to work in partnership."
Every year, billions of dollars in cash payments are made by
governments, the private sector and development organizations to
millions of poor people. The Better Than Cash Alliance launched in
September 2012 in response to public and private sector demand for more
strategic advocacy, research and guidance on how to transition these
into electronic payments.
Shifting away from cash provides a pathway to greater financial
inclusion for the 2.5 billion adults currently without access to formal
financial services, and has measurable benefits for governments,
development organizations and private sector payers including
significant cost savings, transparency, security and econmic growth.
"We are excited to welcome MasterCard as a supporting member of the
Better Than Cash Alliance," said Ruth Goodwin-Groen, Managing Director
of the Better Than Cash Alliance. "We welcome not only their financial
contribution, but particularly their electronic payments expertise they
bring to the partnership in support of emerging economies transitioning
to digital payments and improving lives around the globe."
Financial inclusion is a key driver for MasterCard Worldwide's
participation. Cash-only economies make it extraordinarily difficult for
people to access financial services such as payments, savings, credit or
insurance. Electronic payments can create lasting benefits for people by
creating opportunities to access formal financial services and begin to
develop assets and save for the future.
In the one year since its launch, the Better Than Cash Alliance has made
significant progress, including securing 14 commitments from governments
and development organizations to digitize their payments. These include
of Malawi, the Department of Social Prosperity of the Government of
Colombia, the Republic of Afghanistan, the Republic
of Kenya, the Republic
of Peru and the Republic
of the Philippines.
About Better Than Cash Alliance
The Better Than Cash Alliance partners with governments, the development
community and the private sector to empower people by shifting from cash
to electronic payments. The Bill & Melinda Gates Foundation,
Citi, Ford Foundation, Omidyar Network, USAID and Visa Inc. are the
founders and the U.N. Capital Development Fund serves as the
secretariat. To learn more, visit www.betterthancash.org
and follow @BetterThan_Cash.
is a technology company in the global payments industry. We operate
the world's fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard's products and solutions
make everyday commerce activities - such as shopping, traveling, running
a business and managing finances - easier, more secure and more
efficient for everyone. Follow us on Twitter (News - Alert) @MasterCardNews,
join the discussion on the Cashless
Pioneers Blog and subscribe
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