When thinking about the cities of the future, I know that they will be more connected, and I strongly believe that they must be more inclusive. We can’t have the Internet of Everything without the Inclusion of Everyone. Already today, a growing number of cities are using smart technologies to better connect people to places and to each other – and more importantly also connecting people to opportunities for better and safer lives.
Unfortunately, what still causes a significant amount of friction in our cities and prevents inclusive growth is the dominance of cash. In fact, close to 85 percent of all consumer payments in the world are still done with cash or checks. This means that far too many people are trapped by default in an informal economy. They lack the financial services to guard themselves against risk, save for themselves, plan for their children’s futures, and build better lives.
Two years ago, Mastercard set a global goal to bring 500 million people into the financial mainstream by 2020. And we’re well on our way to doing that. In just a few short years, we have helped connect more than 300 million people through partnerships with banks, governments, retailers, and NGOs. We’re also working with our partners to enable and grow 40 million small merchants and micro-entrepreneurs because it’s not just individuals that are too often trapped in a cash economy – stores lose billions of dollars every year to leakage and theft.