MasterCard and 100RC Partner to Create More Efficient, Inclusive and Sustainable Urban Centers
MasterCard will apply its technology and expertise to help 100RC’s member cities develop critical tools to drive economic growth and improve the lives of citizens, businesses and tourists.
Purchase, NY and New York, NY – July 7, 2016 – Ahead of World Cities Summit (Singapore, July 10-14), MasterCard today announced it is partnering with 100 Resilient Cities (100RC) – Pioneered by The Rockefeller Foundation, to use its technology and expertise in digital payments to advise member cities across a range of projects.
MasterCard will work with 100RC to help cities understand the risks of a cash-based economy and the opportunities associated with converting to digital payments. The company will assist 100RC members in the creation and implementation of resilience strategies, help deliver payments infrastructure and technology solutions to support those strategies, and share lessons learned to inform other cities.
“In the face of rapid urbanization, removing cash from the economy has been shown to create far-reaching and cumulative benefits to all – citizens, businesses, tourists and governments,” said Craig Driver, vice president, Government Services and Solutions for MasterCard. “Working with 100RC, we can tap into our expertise creating digital payment solutions for governments to help cities achieve greater cost-savings and efficiencies, drive revenue, reduce crime, establish digital identities for their citizens, expand financial inclusion and improve overall quality of life.”
MasterCard is currently engaged with governments on more than 1,300 programs in more than 60 countries addressing payments needs such as social benefits, government payroll, procurement, government receipts, and transit:
- In the Colombian city of Barranquilla, MasterCard helped to streamline the city’s payments processes. As a consequence, the use of electronic payments by the local government grew from 0 to 76 percent, creating significant efficiencies.
- In London, MasterCard worked with Transport for London (TfL) to transform its fare collection system to accept contactless bank cards. In just over a year, the cost of collecting fares has dropped from about 14 percent of revenues to just below 9 percent, while access to trains and buses has been simplified for residents and visitors.
- In Canada, MasterCard is working with local businesses in Toronto and other cities to provide insights to help them understand business performance, customer behavior and competitive standing.
- In Egypt, MasterCard is helping the government roll out a program that links citizens’ national identification to the existing country-wide mobile money platform, allowing 54 million Egyptians to participate in the formal electronic economy through a single, easy-to-use cashless solution.
- In Indonesia, MasterCard is assisting to simplify the financial accounts for government employees, such as the Navy and police, by combining their ID, payroll and payment functionality onto a single card.
The 100RC Platform of Partners is a group of private, public, non-profit, academic and government organizations that provide free tools, services, and expertise to 100RC members. In total, 100RC Platform Partner services value greater than $200m. The 100RC partnership will allow MasterCard to expand the reach and impact of their existing expertise to more cities, and further the mission and vision of 100RC to help cities around the world become more resilient to the physical, social, and economic challenges that are a growing part of the 21st century world.
”The complex problems facing cities in the 21st century require thinking and partnerships from experts across all sectors,” said Michael Berkowitz, president of 100 Resilient Cities. “MasterCard is uniquely positioned to assist 100RC members build efficiencies in their local economies and create cities better able to thrive and withstand both sudden and long-term disasters.”
MasterCard, 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 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 @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About 100 Resilient Cities—Pioneered by The Rockefeller Foundation
100 Resilient Cities - Pioneered by The Rockefeller Foundation (100RC) helps cities around the world become more resilient to social, economic, and physical challenges that are a growing part of the 21st century. 100RC provides this assistance through: funding for a Chief Resilience Officer in each of our cities who will lead the resilience efforts; resources for drafting a Resilience Strategy; access to private sector, public sector, academic, and NGO resilience tools; and membership in a global network of peer cities to share best practices and challenges. For more information, visit: www.100ResilientCities.org.