How Has MasterCard Fintech Innovated Throughout the Pandemic?

June 17, 2021
Sarah Gormley

With the pandemic consuming the last year and a half of our lives, financial service companies have found ways to adapt to a new world full of digital banking and contactless transactions.

In partnership with many organizations, Mastercard is one example of a company that has reached a great level of innovation in this period. In an interview with the Fintech Times, Edoardo Volta, Head of Fintech, Mastercard UK and Ireland, lists some of the achievements they have reached throughout the 18 months:

 

Samsung Pay+ powered by Curve: a digital-first card that can sync together all Visa and Mastercard branded debit and credit cards that you own. Customers have greater levels of flexibility and control over their finances through this new digital wallet.

Starling Connect Card: a debit card that can be given to someone else — someone of trust — so that they can purchase essential items for you. This idea was created at the peak of the pandemic to help those who were self-isolating and incapable of procuring their essential items, such as groceries. These items were able to be received contact-free.

Monzo Plus and Premium Cards: cards that compile all of your information into one place, and offer competitive interest rates on deposits, an insurance package, and discounted lounge access.

Currensea SME: an open banking travel card allowing users to make international transactions directly from their bank account with low fees and without any forms of exchange charge. Another part of what makes this card special is that there is a carbon footprint is associated with an international card like this, so the company has provided many ways for users to counteract this by giving back to environmental organizations.

Jersey Spend Local Card with PFS: the world’s first card-based stimulus scheme to provide relief for the economic hardship that the pandemic put on many companies. This involved sending a £100 PFS and Mastercard powered Spend Local Card to businesses all across New Jersey as an alternative to a stimulus package.

HELPFUL Card: a fee-free debit card designed for environmentalists who want their actions to reflect their desire to take care of the planet. Customers who shop at sustainable retail locations with this card earn 10% back on their purchases. In addition, the HELPFUL app that is attached to the card tracks users’ purchases and shows them the positive impact that they are having on the environment.

 

Looking back at the great things that have come from a time plagued with a pandemic allows us to see that no matter how bad things seem to be, there is always some good that comes with it. Each company has its own story to tell and its own ways of innovation during this time — this is just one of many.

 

References:

Harrison, Polly Jean. “Mastercard Fintech Innovations During the Pandemic.” The Fintech Times, 16 June 2021, thefintechtimes.com/mastercard-fintech-innovations-during-the-pandemic/.

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