MasterCard’s annual Payment Innovation Forum dives into trends leading the charge in Latin America’s Payment evolution
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November 19th, 2014 – Miami, FL – MasterCard, a leading technology company in the payments industry, held its annual MasterCard Latin America and Caribbean (LAC) Payment Innovation Forum titled the Payments (R)evolution. More than 300 financial institution officials and other key payment industry players joined MasterCard executives to discuss the trends fueling the shift in payment technologies in the region. The forum also featured a-list speakers on innovation including Robert Wolcott, co-founder and executive director of the Kellogg Innovation Network and Garry Lyons, MasterCard’s chief innovation officer. The forum included a showcase of MasterCard’s cutting-edge payment solutions.
“This event, now in its third year, demonstrates how we all have a common interest in fostering the financial innovations of the future in order to address today’s changing technology, increased connectivity, as well as address the need to create more inclusive societies,” said Gilberto Caldart, president of MasterCard Latin America and the Caribbean. “This can only be done if everyone in the ecosystem collaborates and innovates along with us.”
According to MasterCard one of the drivers of innovation is the move toward digital. A recent study conducted by the brand, the Digital Evolution Index, indicates that the trend toward digital is growing on a global level – and this growth is coming from developing countries. The trend in Latin America demonstrates that although digital transactions are low right now, they are growing in the region as countries continue on their paths through digital evolution.
Additionally, considering that 70% of the population in the region is unbanked there is a continued focus on increasing financial inclusion in the region. According to a recent MasterCard study on Financial Inclusion, payment products can be an optimal entry point for this segment. Thus, MasterCard in recent years has spurred the development of various initiatives aimed at the under and unbanked – many of which are taking advantage of new technologies to address the needs of this segment. This together with collaboration and public-private partnerships can be the catalyst for countries in Latin America to progress in the creation of more inclusive societies.
“Without financial inclusion we can’t fulfill the promise of a global economy because half the planet can’t participate in it,” adds Caldart. “Thus innovating to develop the technologies that address these gaps can be very powerful, particularly in our region.”
The forum includes a showcase of MasterCard’s payment solutions that integrate today’s new realities of a more digital world, such as MasterPass, which is MasterCard new solution that enables transactions from any mobile device, ShopThis!, a revolutionary technology that allows consumers to shop directly from their favorite magazines, and others. Other solutions such as Zuum and Tu Dinero Movil were also showcased as successful mobile programs that are live in the region as tools available for the unbanked.
MasterCard (NYSE: MA), www.mastercard.com,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
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