In many places, using cash to distribute social benefits is problematic, difficult to track, and an unfortunate opportunity for crime and fraud. Providing benefits electronically enables financial inclusion and ensures that the right person receives the right amount, every time – in the safest and most secure way.
Yesterday, Ron Hynes, who leads MasterCard’s global prepaid efforts, was recognized with the Industry Achievement Award at the 2014 All Payments Expo. The award, given by leading prepaid and emerging payments publication Paybefore, recognizes, “the most significant contribution to the success and progress of the prepaid/emerging payments industry.”
I’ve been fortunate to work with Ron for nearly 10 years, and anyone who has spent time with him knows his passion for financial inclusion and wealth-creating ability of prepaid. For millions, many among the world’s most economically vulnerable, prepaid provides access to the financial mainstream for the first time. No credit checks, no minimum balances; just barrier-free access to the benefits of electronic payments.
Under Ron Hynes’ leadership, MasterCard has partnered with governments on six continents to deliver social benefits. Last year, he worked with the Nigerian government to launch an ID program that will provide payments access to 120 million citizens. In the U.S., his work with the Treasury Department on the Direct Express program has granted millions a more convenient and secure way to receive Social Security benefits.
Ron is a leader. Not afraid to make difficult decisions and advocate for them, including the establishment of MasterCard’s Payroll Card Standards. These rules guarantee that workers using prepaid cards are provided choice in how they’re paid, fee-free access to funds, clear fee disclosure and security protections. MasterCard is the first to require these employee safeguards, and that couldn’t have been accomplished without Ron’s efforts.
At MasterCard leveraging our technology to not only do well, but do good, is a priority. We couldn’t be more proud of this recognition of Ron’s work as an industry leader and advocate for the benefits of prepaid.