How they describe themselves: Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews.
How they describe their product/innovation: Mastercard Cash Pick-Up allows a disburser – a P2P provider, government agency, NGO, or Corporate entity – to deliver cash remittances or disbursements to banked as well as unbanked consumers, through the enabled ATM without the use of a card. Use cases include emergency cash for lost or stolen cards, disaster relief for food and shelter, consumer incentives and rebates, or P2P payments. By giving faster access to cash using an existing nationwide network of ATMs, Mastercard Cash Pick-Up provides disbursers and recipients more choices in how to dispense cash.
Product distribution strategy: Through financial institutions