Mastercard is launching a set of tools and a series of research studies to help inform cities’ responses and decision-making as they recover from the coronavirus pandemic.
In a bid to assist governments and businesses with their economic recovery efforts amid the Covid-19 pandemic, Mastercard has introduced Recovery Insights, a set of tools, innovation and research that aims to support data-driven decision-making for a more digital future.
The initiative draws on the payment technology company’s analytics and experimentation platforms, consulting practice as well as data-driven insights.
The Mastercard Recovery Insights initiative will also feature a research series about the short- and long-term impacts of Covid-19 on economies, businesses and people. The first report, available later this month, will focus on the retail sector’s shift to digital.
As part of this initiative, Mastercard said it is making certain insight-driven tools available at no cost to governments and select businesses to give a timely snapshot of economic performance. These solutions draw on aggregated and anonymised spending insights to provide an ongoing view of economic health.
To assess the local effects of Covid-19 and build a foundation for an inclusive recovery, Mastercard reports “dozens of cities” (including New York City, London, Barcelona, Madrid, Los Angeles and Logan City, Australia), states (Arizona) and national governments (Turespaña, Ministry of Industry, Trade and Tourism of Spain) are using its tools.
“Access to Mastercard’s insights gives us a much more detailed picture of the economic health of the capital’s high streets during lockdown – and as we move towards easing restrictions”
These solutions seek to help inform budget planning, optimise aid disbursement, understand which merchants are open for business, and prioritise investment to support those most impacted by the pandemic.
“Enabling smarter decisions with better outcomes is our goal. And, it’s what airlines, restaurants, CPG brands, banks, governments and countless others are seeking right now,” said Raj Seshadri, president of data and services, Mastercard.
“Our insights are helping apparel brands refine their inventory to address the rise in e-commerce, grocers fine-tune store hours to give at-risk shoppers peace of mind, and governments guide services to fuel local economies.”
“Access to Mastercard’s insights gives us a much more detailed picture of the economic health of the capital’s high streets during lockdown – and as we move towards easing restrictions,” commented added Theo Blackwell, London’s chief digital officer.
“It complements other insights we’re gathering which allows us to target future investments and understand the emerging needs of businesses and communities across London.”
Mastercard is also working closely with local institutions, trade organisations and other groups on recovery efforts. For instance, the non-profit Partnership for New York City provides its business, civic and labour members a regular snapshot of NYC sales performance in the broader context of consumer spending trends.
“The Mastercard insights into how the pandemic and quarantine are impacting consumer spending have helped us understand the huge and devastating impact of Covid-19 on jobs and the local economy,” commented Kathryn Wylde, president and CEO of the Partnership for New York City.
“We all need good data to inform our policy and advocacy on behalf of the city and state, and this is what Mastercard is providing.”
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