Mastercard to extend COVID-19 commitment with Recovery Insights Initiative

Source: IBS Intelligence 2020-06-01

Raj Seshadri, president of data and services, Mastercard

Mastercard has announced the launch of Recovery Insights, a set of tools, innovation and research that can provide some certainty to the COVID -19 hit world and support data-driven decision-making for a more digital tomorrow.

Businesses and governments across the globe are looking for resources to help manage the safety, health, and economic risks presented by the pandemic. Mastercard, as part of its commitment towards the digital economy, is making specific insight-driven tools available to governments and selected businesses free of cost, to obtain a timely snapshot of economic performance.

The initiative draws on Mastercard‘s analytics and experimentation platforms, its longstanding consulting practice and data-driven insights. These solutions draw on aggregated and anonymised spending insights to provide an ongoing view of economic health.

“Enabling smarter decisions with better outcomes is our goal. And, it’s what airlines, restaurants, CPG brands, banks, governments and countless others are seeking right now. Our insights are helping apparel brands refine their inventory to address the rise in e-commerce, grocers fine-tune store hours to give at-risk shoppers peace of mind, and governments guide services to fuel local economies,” said Raj Seshadri, president of data and services, Mastercard.

To assess the local effects of COVID-19 and build a foundation for an inclusive recovery, cities (including New York City, Barcelona, London, Los Angeles, Madrid, and Logan City, Australia), national governments (Turespaña, Ministry of Industry, Trade and Tourism of Spain) and states (Arizona) are now using Mastercard tools. These solutions help inform budget planning, optimise aid disbursement, understand which merchants are open for business, and prioritise investment to support those profoundly impacted by the pandemic.

U.S. small business owners are using the tools to understand local consumer spending trends better, while central banks around the world are collaborating closely with the Mastercard Economics Institute to understand changing market conditions through regular COVID economic impact trackers. Mastercard is also working with local institutions, trade organisations and other groups on recovery efforts.

“Access to Mastercard’s insights gives us a much more detailed picture of the economic health of the capital’s high streets during lockdown – and as we move towards easing restrictions. It complements other insights we’re gathering, which allows us to target future investments and understand the emerging needs of businesses and communities across London,” said London’s Chief Digital Officer, Theo Blackwell.

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Mastercard to extend COVID-19 commitment with Recovery Insights Initiative

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