FinTech

The New Mastercard AI Initiative Promises High Hopes for Small Businesses

  • Reading time: 2 min
mastercard AI

Last Friday, Mastercard shared its latest news for small business owners around the world on their new project called Mastercard Small Business AI.

This isn’t just any tool – it’s a personalized assistant, designed to help small business owners overcome their unique challenges, no matter where they are.

The payment giant is doing this with Create Labs, a social venture focused on bringing tech to underserved communities. With this announcement, Mastercard is focusing on making this tool inclusive and bias-free, so it can meet the diverse needs of entrepreneurs worldwide.

What makes this tool stand out is its use of Generative AI because not only focused on providing data but rather having a real conversation. The team is using the latest techniques and inclusive design to make sure the experience is relevant and engaging for users.

The Brains Behind Mastercard’s AI Initiative

Mastercard is mixing their own content sources with input from a brand-new global media coalition. This means users will get insights from places like the Small Business Community, Digital Doors, and the Mastercard Trust Center, plus a variety of new content from the coalition.

Speaking of the coalition, it includes some pretty impressive names:

  • Blavity Media Group, which focuses on supporting Black millennials both creatively and economically.
  • Group Black, a Black-owned media powerhouse that connects brands with diverse audiences. They’ve got members like Pod Digital Media and Black Women Talk Tech.
  • Newsweek, the globally renowned digital news outlet with a history stretching back 90 years.
  • TelevisaUnivision, a giant in Spanish-language media, reaching millions in the U.S. alone.

The plan is to start piloting this tool in the U.S. later this year. Mastercard wants to take this global, adding more partners to make sure the tool is just as helpful in local contexts as it is internationally.

Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Fintech sections to stay informed and up-to-date with our daily articles.