On the heels of the World Bank’s pledge last week to provide universal financial access to all working-age adults by 2020, MasterCard CEO Ajay Banga today laid out his vision of the future of commerce, driven by a more empowered, inclusive planet, where more people from more places are able to live more self-determined lives and participate in a global economy that’s more equitable, sustainable, and prosperous.
Ajay championed a future of commerce that holds the promise of greater empowerment and inclusion for consumers, merchants, and governments. He described a world where a consumer’s shopping experience begins long before an actual purchase and continues way after, and where a micro businessperson like a street vendor in Sao Paulo doubles his monthly income after accepting electronic payments.
The promise is also one where technology helps governments strengthen the social contract with their citizens. Ajay cited Nigeria’s national ID program which will help enable millions of Nigerians to join the financial mainstream for the first very time.
In his closing, Ajay offered what success might look like, saying that “success is a global economy that’s actually closer to being truly global; where more people from more places are participating in it, contributing to it, and helping it grow…where Adam Smith’s Invisible Hand is also a Helping Hand.”