Mastercard Launches Global Coalition to Promote Digital Tools for Financial Health

Mastercard has launched a coalition that aims to help consumers and small businesses around the world use digital tools to enhance their financial health and resilience.

The new Global Financial Health Coalition includes financial institutions, nongovernmental organizations, telcos, wallet providers and others, Mastercard said in a Monday (Nov. 24) press release.

“Our goal is to foster an environment where innovation is responsible, users are protected, and everyone has the tools and knowledge to thrive,” the company said in the release.

The coalition includes several companies that are developing solutions that promote financial health, according to the release. Among them are DANA, GCash, TrueMoney, MTN Group Fintech, MOCO, Axian, Daviplata and The Center for Financial Inclusion.

“Guided by three core principles — connecting people to the right financial tools, harnessing technology to protect them as they engage, and empowering their journey toward financial well-being — the Coalition will share best practices to build trust and embrace innovation,” Mastercard said in the release.

In another recent effort to boost inclusion, Mastercard said in September that it was working with Smile ID to accelerate the rollout of secure digital identity solutions across Africa to enable enterprises to onboard new customers faster.

“As fragmented identity systems slow down businesses and lock millions out of the digital economy, Smile ID’s innovative identity platform complements Mastercard’s commitment to fostering secure and inclusive digital ecosystems,” Selin Bahadirli, executive vice president, services, Mastercard EEMEA, said at the time in a press release.

In July, Mastercard teamed up with BMO to expand the Canadian bank’s money transfer service to include new destinations and currencies. The collaboration allowed BMO’s Canadian personal banking clients to send money to family and friends in nearly 70 places.

“Remittances remain vital for many in developing destinations, where funds are used to support family education, property payments and other critical expenses,” according to an announcement of the partnership. “Through Mastercard Move, BMO clients can send money directly to the recipient’s bank account without worrying about hidden fees or deductions.”

When Mastercard expanded its relationship with National ITMX (NITMX) in June, it said this effort would fuel the Thai digital economy by powering PromptPay, the most widely used real-time payments platform in Southeast Asia.

“The Thai digital payments ecosystem continues to grow, driven by the widespread adoption of PromptPay,” Mastercard said at the time in a press release.