Mastercard Submits Audit Report To RBI Showing Compliance With Local Data Storage Norms

Mastercard launched its 2020 Corporate Sustainability report, highlighting how the corporate has responded to the challenges of the final yr by way of innovation and trusted partnerships and is delivering on its mission to construct a extra inclusive, sustainable world with a digital economic system that works for everybody, in every single place.

“This unprecedented year reinforced how important it is for us to help those in need today and continue to build a more inclusive and sustainable world,” mentioned Michael Miebach, chief government officer, Mastercard. “For us, sustainability means ensuring everyone has the same opportunities to grow and thrive in alignment with the planet. This year’s report is a reflection of all that we have achieved and marks an important moment to share the progress we continue to make together.”

Highlights from the report include:

Inclusive Growth

  • Made a five-year $250 million commitment to provide small businesses with financial tools, technology, products, funding, and data insights necessary to weather the pandemic.
  • Committed $500 million over five years to help close the wealth and opportunity gaps faced by Black communities in the U.S.
  • Achieved our goal of financially including 500 million people and expanded our commitment to reach a total of 1 billion people, 50 million micro and small merchants, with an emphasis on 25 million women entrepreneurs, by 2025.
  • Launched more than 100 government relief programs in response to COVID -19 to assist with inclusive recovery around the world.

Our People and Culture

  • Tied executive compensation to ESG goals and priorities, including carbon neutrality, gender pay parity and financial inclusion.
  • Supported workforce with no COVID-related layoffs in 2020 and invested in new mental and physical wellbeing policies and programs.
  • Launched Investing in You program, increasing our employer 401K match to 10% for every 6% contributed by employees.
  • Reached the million-girl milestone since the start of our STEM-based Girls4Tech program, leading us to commit to engaging five million girls by 2025.

Ethical and Responsible Standards

  • Committed to increase annual spending with Black suppliers by more than 70%, to $100 million annually by 2025.
  • Extended our Specialty Merchant Registration program that require banks to certify strong control measures related to materials published on adult content sites.
  • Announced the new Enhanced Contactless (Ecos) specifications, applying the latest quantum-resistant technologies to deliver enhanced privacy, security and trust for the next generation of contactless payments.

Environmental Stewardship

  • Disclosed the results of our initial Task Force on Climate-Related Financial Disclosures analysis.
  • Committed to reaching net-zero greenhouse gas emissions by 2050 across our operations and value chain, building on our existing science-based targets.
  • Issued a $600 million sustainability bond to support carbon reduction, supporting environmental choices for customers, and fostering inclusive growth.
  • Launched the Priceless Planet Coalition with now more than 60 partners with a goal to restore 100 million trees over five years.
  • Exceeded 10 million cards made from approved sustainable materials using Mastercard’s Sustainable Card Materials Directory.

“Building a more inclusive and sustainable world is not a matter of corporate social responsibility, but one of economic necessity and opportunity”, mentioned Ling Hai, Co-President, Asia Pacific, Mastercard. “As technological advancement speeds ahead, accelerated by the pandemic, we have much work left to do to address the disparity of digital and financial access in order to ensure the rising tide lifts all boats.”

A latest survey commissioned by Mastercard titled “Global Environmental Insight Research” reveals a growth in private environmentalism in India as client attitudes in regards to the surroundings shift within the wake of COVID-19. This indicators a rising pattern towards eco-conscious spending and consumption amongst individuals who wish to flip their purchases into significant motion for the planet.

According to the report;

  • Four out of 5 Indians (78%) mentioned they’re extra conscious of their impression on the surroundings since COVID-19.
  • Nearly all respondents (95%) at the moment are extra prepared to take private motion to fight environmental and sustainability points as in comparison with pre-pandemic.
  • Almost half (41%) of individuals surveyed in India imagine firms ought to scale back their air and water air pollution whereas 25% need firms to make use of much less plastic in packaging and merchandise.
  • 41% respondents expressed a want to recycle extra, 38% wish to be taught extra in regards to the surroundings and 35% intend to journey much less in future.

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