Mastercard Incorporated‘s MA City Possible recently partnered with Usio, Inc. USIO, which is best known for offering integrated electronic payment solutions. The tie-up has paved the way for continuous integration of Usio’s prepaid platform into the City Possible network. Notably, shares of Mastercard have lost 1.2% on Sep 18, replicating the declines in the broader markets.
It is to be noted that collaboration forms the crux of the City Possible network, where members work closely with each other for promoting sustainable urban development.
The latest move clearly highlights Mastercard’s efforts to expand the reach of its City Possible network, which along with Accelerator for America has enabled Usio to engage in accelerated deployment of its innovative prepaid card solutions to several organizations across the United States.
Moreover, these prepaid cards have been in steady demand for distribution of government assistance funds to people in need amid the ongoing COVID-19 pandemic, since these can be utilized at ATMs and retail outlets for getting immediate access to cash. The cards, which can be availed virtually, can not only be added to Apple Pay, Samsung Pay or Google Pay but can also be refilled up to a maximum balance of $2,500 at a given time.
Notably, Mastercard initially tried to assist the Mayor’s Fund for Los Angeles, which has been using Usio’s prepaid platform. This step, in fact, paved the way for strengthening of the relation between Mastercard’s City Possible network and Usio. By helping the Mayor’s Fund for Los Angeles in disbursement of funds, Mastercard intended to somewhat address the issues of Los Angeles residents, who were stressed with financial woes induced by the pandemic.
It’s worth mentioning that a strong relationship with Usio has enabled Mastercard to extend its City Possible network across five out of the ten largest U.S. cities.
Furthermore, HSBC Holdings plc HSBC has been added to the same network in this month itself. Concurrent with the addition of HSBC, the Singapore Tourism Board (STB) became the first National Tourism Organisation to join the Mastercard’s City Possible network.
Other notable partners, which already come under this network include the Technology and Entrepreneurship Center at Harvard University (TECH), the United Nations Global Compact, Lyft, IDEMIA, Here Technologies, Deep Labs and Willis Towers Watson Public Limited Company WLTW.
Shares of this Zacks Rank #3 (Hold) company have gained 22.7% in a year compared with the industry’s growth of 9.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
La Paz Chattanooga is another organization that has joined forces with Usio and City Possible. By doing so, this organization intends to distribute financial resources to people in dire need of them across the Latinx community situated in and around the Chattanooga, TN area.
A growing City Possible network has positioned Mastercard well for long-term growth. It has also been making every effort to bring about automation and greater efficiencies across the business payment ecosystem, considering the massive shift of the payments industry to the digital from its physical mode.
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