In an announcement made by Mastercard, the company has set its ambitions to scale the future of commerce via a startup engagement program – Start Path.
The program aims to address the needs of the underbanked to bridge the digital divide. Mastercard will work with the 10 fintechs to accelerate their ambitions to change the world.
Over six months, Mastercard will co-innovate with those in the program to uncover opportunities, leveraging Mastercard’s technology, expertise and network.
With the accelerated shift to digital experiences and evolving consumer behaviours as a result of COVID-19 creating a need for innovative solutions, Mastercard highlights that in both developed and developing areas, technology could be the difference between merely surviving and thriving.
“We all thrive when fintechs have access to the technology they need to reach scale and democratize finances. We are partnering with the newest fintechs joining Start Path to drive inclusion, innovation and trust with alternative ways to pay and authenticate, powerful solutions for small businesses, new ways to create efficiency for business payments, as well as address the wealth gap,” commented Ken Moore, Chief Innovation Officer at Mastercard.
Reporting that the global market for fintech products and services is expected to reach US$310bn by 2022, Mastercard emphasises its commitment to building new solutions with partners such as those in the Start Path network.