Mastercard and Consumers International Partner to Empower Vulnerable Consumers in the Digital Finance Landscape
Mastercard and Consumers International have joined forces to establish a global framework for consumer protection and empowerment. This groundbreaking partnership aims to bridge the gap between technological advancements and the needs of vulnerable consumers, ensuring everyone benefits from the promise of digital finance.
A Call for Inclusive Innovation:
“Consumer protection frameworks have simply not kept pace with the surging complexity of the digital finance landscape,” stated Helena Leurent, Director General of Consumers International. “This leaves vulnerable consumers, particularly those from lower-income backgrounds, women, and marginalized communities, exposed to increased risks like fraud and scams.”
Highlighting the lack of consumer voice in the design of new technologies, Leurent further emphasized the need for a collaborative approach. “Only 20% of consumers are included in deliberations about new technologies,” she shared, “which means their needs are often overlooked.”
Building a Global Framework for Inclusion:
To address these challenges, Mastercard, through its Impact Fund, is providing a grant to accelerate the development of a global framework for consumer protection in the digital finance sector. This initiative will focus on:
- Driving consumer protection frameworks: The framework will evolve alongside the rapid advancements in digital finance, ensuring underserved populations are not left behind.
- Championing vulnerable consumers: Up to a dozen target countries will be identified based on their digital finance ecosystem and consumer advocacy presence, enabling local stakeholders to elevate the voices and needs of vulnerable consumers.
- Prioritizing trusted experiences: The project goes beyond access to ensure quality service and build trust in digital financial platforms.
A Shared Vision for a Fair and Secure Marketplace:
“Technology is best used when it empowers us, not exploits us,” said Shamina Singh, Founder and President of the Mastercard Center for Inclusive Growth. “Our partnership with Consumers International ensures that new technologies are built with, and for, the people they serve.”
Consumers International, a global network of consumer groups dedicated to a fair and secure global marketplace, brings its expertise in advocacy and consumer rights to the partnership. Over the past three years, their Fair Digital Finance Accelerator has empowered consumer associations in low-and middle-income countries, reaching over 1.2 million people.
This collaboration represents a significant step towards a more inclusive and equitable digital finance landscape. By harnessing the collective power of industry leaders, consumer advocates, and local stakeholders, Mastercard and Consumers International are paving the way for a future where everyone can benefit from the transformative power of technology.
