Mastercard Incorporated - MA STOCK NEWS

Michael Kors has become the first retailer to integrate Shopping Muse, an AI-powered shopping assistant from Dynamic Yield, a Mastercard company. This new tool, available on Michael Kors' U.S. website, leverages generative AI to provide personalized product recommendations based on customers' natural language and preferences, enhancing the shopping experience. Initial tests show a 15-20% higher conversion rate compared to traditional search queries. Shopping Muse, launched in late 2023, is also being extended to furniture retailers. Mastercard ensures robust privacy safeguards and responsible AI principles in all its products.

In April, Mastercard hosted its fourth Global Inclusive Growth Summit in Washington, D.C., alongside the IMF and World Bank Spring meetings. Over 600 leaders and practitioners from 128+ countries participated in discussions focusing on economic growth, financial inclusion, and sustainability. The sessions, now available on-demand, showcased diverse perspectives from private, public, and social sectors, aiming to address both national and international challenges.

Corpay has launched the Corpay World Elite Business Mastercard, designed to streamline business transactions and enhance employee travel. This card offers small and medium enterprises (SMEs) features such as 1.5% cashback on purchases, access to Priority Pass™ lounges, and benefits from Mastercard Travel & Lifestyle Services®. The card also boasts customizable purchasing controls, robust security features, and seamless integration with Corpay Complete, a spend management platform. By partnering with Mastercard, Corpay aims to provide a comprehensive solution for managing expenses and optimizing daily operations.

Mastercard has launched a Biometric Checkout Program at Tienda Inglesa's Red Expres store in Uruguay, marking the first pilot in Latin America. The program allows customers to pay using their palm biometrics, which are linked to their payment credentials. This initiative aims to provide faster and more secure payments, integrating with loyalty programs for a personalized experience.

Mastercard collaborates with Ingenico, Fulcrum Biometrics, Fujitsu Frontech, and Scanntech to implement this technology. This expansion follows the program's initial launch in Brazil in 2022 and later in the Asia Pacific region. More biometric pilots are planned globally for later this year.

Ant Group and Mastercard have launched the International Consumer Friendly Zones program in Shanghai to enhance the payment experience for international visitors and stimulate local business growth. The initiative, supported by local authorities, covers major travel spots and commercial areas, including Shanghai’s airports, high-speed railway stations, and a 25,000-strong taxi fleet. The program will expand to 16 major Chinese cities following its launch in Beijing, Guangzhou, and Shanghai.

International visitors can now use two digital payment alternatives from Ant Group, binding major global bank cards to the Alipay app or using Alipay+ e-wallet solutions. Alipay+ supports 12 e-wallets across Asia, usable in an 80-million-merchant network in China. The program saw a 13-fold increase in spending by international visitors in Shanghai from January to April. Ant Group and Mastercard aim to further integrate more payment options and enhance the user experience.

Mastercard has inaugurated its European Cyber Resilience Centre (ECRC) in Waterloo, Belgium, emphasizing its dedication to combating cyber threats and enhancing regional resilience. This advanced facility will enhance defenses, quicken response times, and foster collaboration between public and private sectors. The ECRC will work with national cyber intelligence centers, law enforcement, and industry bodies to address evolving cybercrime.

Key features include a Fusion Centre and Digital Forensics Lab, involving over 20 teams. Mastercard aims to strengthen cybersecurity across Europe, protect digital transactions, and promote trust in online security.

In 2023, Mastercard's infrastructure protected 143 billion transactions, reflecting its commitment to maintaining high privacy and data security standards.

Mastercard and the African Development Bank Group have introduced the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, aiming to provide digital access to 100 million individuals and businesses in Africa over the next decade. The initial focus includes supporting the agricultural sector and women, with a pilot program starting this year to assist three million farmers in Kenya, Tanzania, and Nigeria by offering digital identities and access to quality agricultural inputs. Mastercard will register 15 million users to its Community Pass platform within five years, and the African Development Bank Group will invest $300 million in digital infrastructure. The Alliance's goal is to promote sustainable digital access through a combined effort of public and private sector partners, including Equity Bank, Microsoft, Heifer International, and others.

Mastercard's recent press release highlights the impactful work of Kevin Kim, the commissioner of New York City's Department of Small Business Services (SBS). Kim, an immigrant from South Korea, has focused on improving outreach to immigrant small-business owners in NYC. Under his leadership, the SBS launched the $85 million NYC Small Business Opportunity Fund, which has provided loans to 1,046 businesses with an average amount of $80,000. Notably, 80% of these loans went to minority and women-owned businesses (MWBEs). Kim's initiatives have significantly contributed to the local economy, fostering optimism among small businesses. He plans to step down at the end of June, but his contributions have set a strong foundation for future growth.

Earth Day highlights the important role of data and technology in combating climate change, especially in urban areas. Cities, occupying just 3% of the world's land, consume 60% to 80% of energy and produce 75% of global carbon emissions. With urban populations set to rise, emissions could potentially double by 2050. Mastercard emphasizes the importance of innovative technological solutions to address this growing problem. The company aims to connect and power an inclusive, digital economy that can benefit everyone. For further details, visit their ESG storytelling platform on 3blmedia.com.