Mastercard Receives Award for Economic Inclusion Work in India
Mastercard was recognized with the U.S. Secretary of State's Award for Corporate Excellence for its commitment to expanding economic inclusion in India. The annual Awards for Corporate Excellence (ACE) recognize U.S. companies that uphold high standards as responsible members of their communities and represent American values in the way they do business in their overseas operations. Mastercard was honored with an award in the economic inclusion category.
“This award is a testament to the incredible work, even during a time of great crisis, from our partners in government and private industry," Mastercard CEO Michael Miebach said. "It's also an honor to receive it on behalf of our employees. They take our vision of financial inclusion and put it into action."
Key partnerships and investments to drive support of economic investment in India include:
- In partnership with HDFC Bank and the U.S. International Development Finance Corporation, we unlocked a $100M credit facility for small businesses to digitize, with a focus on women-led businesses.
- Recognizing rural women entrepreneurs’ unique challenges related to access to financing, markets, and skills, we partnered with Mann Deshi Foundation to expand and modernize the Rural Women Chamber of Commerce and reach over 30,000 women entrepreneurs across Maharashtra.
- In response to a growing digital divide amongst micro merchants in peri-urban and rural cities, we brought together philanthropy and fintech partners to bring 100,000 micro merchants into the digital economy through payments acceptance.
- At the onset of the second wave of the pandemic, Mastercard mobilized nearly $10M in COVID-19 relief, adding over 2,000 beds to India’s stressed healthcare infrastructure and providing much-needed oxygen via the Indian Red Cross.
- Mastercard continues to expand Project Kirana, an initiative launched with the United States Agency for International Development (USAID) to give small shop owners access to digital payments and short-term credit. It helps them build creditworthiness and more easily stock their shelves without having to rely on cash alone.
Globally, Mastercard is committed to bringing one billion people, 50 million small businesses, with an emphasis on 25 million women entrepreneurs into the digital economy. To achieve that, Mastercard believes partnerships, digital solutions and scalable, inclusive programs will be crucial to driving inclusive growth. For more information about Mastercard’s global commitment to financial inclusion, click here.
Additional information about the ACE awards can be found at www.state.gov/ace.
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