Extends COVID-19 Commitments by Providing Data Insights and
Tools to New York City, London, Madrid, the State of Arizona and
Other Governments
Businesses and governments across the globe are looking for
resources to help better manage the health, safety and economic
risks presented by the recent pandemic. To assist in these efforts,
Mastercard has launched Recovery Insights, a set of tools,
innovation and research that can provide some certainty today and
support data-driven decision-making for a more digital
tomorrow.
The initiative draws on Mastercard's analytics and
experimentation platforms, its longstanding consulting practice and
unique data-driven insights.
"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," said Raj
Seshadri, president of data and services, Mastercard. "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."
Empowering Data-Driven Decision-Making
As part of this initiative, Mastercard is making certain
insight-driven tools available at no cost to governments and select
businesses to give a timely snapshot of economic performance. These
solutions draw on aggregated and anonymized spending insights to
provide an ongoing view of economic health.
To assess the local effects of COVID-19 and build a foundation
for an inclusive recovery, dozens of cities (including New York
City, London, Barcelona, Madrid, Los Angeles and Logan City,
Australia), states (Arizona) and national governments (Turespaña,
Ministry of Industry, Trade and Tourism of Spain) are now using
Mastercard tools. These solutions help inform budget planning,
optimize aid disbursement, understand which merchants are open for
business, and prioritize investment to support those most impacted
by the pandemic.
“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,” commented
London’s Chief Digital Officer, Theo Blackwell. “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.”
Meanwhile, U.S. small business owners are using the tools to
better understand local consumer spending trends, while central
banks around the world are collaborating closely with the
Mastercard Economics Institute to better understand changing market
conditions through regular COVID economic impact trackers.
Informing Plans to Reopen New York City
In New York City, retail sales were down 44 percent at the peak
of the COVID-19 pandemic in March*. Policymakers needed to
understand how the steep decline in consumer spending would impact
the city’s sales tax revenue in order to adjust their budgets.
Mastercard Geographic Insights identified spending pattern changes
in specific neighborhoods.
Mastercard is also working closely with local institutions,
trade organizations and other groups on recovery efforts. For
instance, the non-profit Partnership for New York City provides its
business, civic and labor members a regular snapshot of NYC sales
performance in the broader context of consumer spending trends.
Kathryn Wylde, President and CEO of the Partnership for New York
City, said, “The Mastercard insights into how the pandemic and
quarantine are impacting consumer spending have helped us
understand the huge and devastating impact of COVID-19 on jobs and
the local economy. We all need good data to inform our policy and
advocacy on behalf of the city and state, and this is what
Mastercard is providing.”
“We're committed to helping government leaders take an
evidence-based approach to policy and program development,” added
Miguel Gamino, executive vice president, Enterprise Partnerships
and head of Global Cities, Mastercard. "Given the multitude of
challenges today, they're activating our network to support areas
ranging from aid disbursements to emergency fundraising to cyber
security assessments and identity theft protection. It's about
building more inclusive economies for everyone, everywhere."
Upcoming Research
The Mastercard Recovery Insights initiative will also feature a
research series about the short- and long-term impacts of COVID-19
on economies, businesses and people. The first report, available in
June, will focus on the retail sector’s shift to digital.
For more information about Mastercard's insight-driven services,
visit www.mastercardservices.com.
For more information about Mastercard’s commitment to cities,
visit www.citypossible.com.
*According to Mastercard SpendingPulse™, which reports on retail
sales across all payment types in select markets around the world.
The findings are based on aggregate sales activity in the
Mastercard payments network, coupled with survey-based estimates
for certain other payment forms, such as cash and check. This is
for the week of March 28. Excludes auto sales. Data reflects
year-over-year growth rates in seven-day moving averages.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
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Julia Monti julia.monti@mastercard.com 914-249-6135
MasterCard (NYSE:MA)
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