Mastercard to test digital payments for garment factory workers

 

Mastercard, an American multinational financial service, is working on a pilot project for the garment factory workers!

In agreement with apparel makers Levi Strauss & Co., Marks & Spencer and VF Corp., and nonprofit BSR (Business for Social Responsibility), the project aims at transforming the workers’ cash wage payment system to digital.

Mastercard is working on pilot programmes in participating factories in Egypt and Cambodia to test hybrid digital payment systems, using any of the digital payment formats like prepaid, debit cards or digital wallets so as to give workers their paychecks.

The workers will be trained on using the digital financial services and will be provided financial management help as well. The service will enable the workers to use cards or wallets to make payment or send money to family members digitally.

“At Mastercard, our vision is to ultimately build a new ecosystem of partners – garment industry, technology, not-for-profit organisations, factories, banks – that work together to deliver social impact at scale. It’s an important step in helping workers feel safer, be more resilient and more financially independent,” said Sue Kelsey, Executive Vice President, Prepaid Solutions, Mastercard, in a press release.

 

 

 

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