Mastercard partners with Levi Strauss & Co., Marks & Spencer and VF Corporation
Mastercard to offer hybrid digital payment solution for workers. Source: shutterstock.com
Mastercard announced a global effort to pay garment factory workers digitally, a pivot the industry is making from traditional cash payroll to ensure workers receive their hard-earned wages securely and consistently. With industry partners including Levi Strauss & Co., Marks & Spencer and VF Corporation, and in conjunction with global nonprofit BSR (Business for Social Responsibility), this program aims to improve the wellbeing of factory workers who currently lack access to the financial tools and services that can help them and their families thrive.
Around the globe, 230 million adults – nearly 85 % of adults in low-income countries — who work in the private sector receive their wages in cash.
Mastercard and its partners are coordinating pilots in Egypt and Cambodia with a hybrid digital payment solution. Participating factories will have the opportunity to deposit wages directly into workers’ accounts. Workers can then activate debit or prepaid cards – or digital wallets – through which they can pay bills or send money directly to family and friends. Providing hands-on peer training on digital financial services, financial planning and management, and how to discuss finances with family members can help make workers feel comfortable and confident transacting digitally.
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