Tuesday, September 4, 2012
In the United States, the U.S. Department of the Treasury is phasing out check payments of Social Security and other federal benefits; it's goal is to be entirely electronic by March 2013, potentially saving the government $1 billion over the next decade. The card brand said three million MasterCard-branded Direct Express prepaid debit cards have already been issued to U.S. benefits recipients.
According to MasterCard, approximately 2.5 billion people worldwide lack access to financial services. "By supporting governments around the world with electronic payment programs we are helping save money and improve efficiencies, but more importantly, together we are opening up a world of inclusion for those who have previously not had access to traditional financial services," said Tim Murphy, Chief Products Officer at MasterCard.
The card brand cited several developments globally:
MasterCard also said governments in a number of other nations are beginning to support initiatives that embrace the financially underserved, including a pilot program in Mexico where residents of Oaxaca can access financial instruments using text messages on mobile phones.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.