USIO - This Company Partnered with Mastercard to Help NYC In Its Efforts to Fight the Spread of COVID
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Founded in 1966, Mastercard Inc. (NYSE: MA), has long been a leading global playerin the financial market. Today, with the advent of fintech, Mastercardis increasingly using its payments network to solve emerging modernproblems.
Examples of how the company’s solutions are using technologyto solve emerging problems can be seen through what it refers to asits Next Gen Solutions. Through these solutions, the financial giantseeks to create real impact on improving the efficiency of financialsolutions through new technology.
Mastercard's Next Gen Solutions offer multipleexamples of various collaborations it has made in the fintech space,including with Walgreens Boots Alliance Inc. , (NASDAQ: WBA), Synchrony Financial (NYSE: SYF), among others. The marketingcampaign for these next-gen solutions highlights particularlyimpactful programs it has sponsored.
Featured among these is Texas-based Usio Inc. (NASDAQ:USIO). Usio is a cloud-based fintech payment processing company that offers robust prepaid card issuing and program managementplatforms.
The Usio Advantage - Helping NYC Recover From ThePandemic
Amongthe programs that have emerged through Mastercard’s City KeyTMinitiative, this program works with city and local agencies, providingthem with a payment platform to address their needs for funddisbursement to residents and local businesses.
For instance, the NewYork City Economic Development Council was able to incentivize NYCresidents who got COVID-19 immunizations with $100 issued on a prepaidMastercard.
Aspart of the broader initiative, Usio collaborated with Mastercard todistribute prepaid cards issued by the New York City EconomicDevelopment Corp. This was part of a New York City COVID-19 campaigngeared toward helping boost recovery as the city emerged from thepandemic.
Throughits collaboration with Mastercard, Usio has issued cards in more than200 municipalities, nonprofits and small to medium-sized businesses inthe past year, seeing over $180 million loaded onto its prepaid cards.The COVID-related initiative has also helped distribute over $90million in $100 cash rewards to over 900,000 New Yorkers, thusaccelerating the rate of vaccination while also helping businessowners economically recover.
“We are proud to work with innovative partnerslike Usio to drive next-generation solutions that improve lives andmake a lasting impact,” said Jody Barnett, Mastercard’s head ofGlobal Cities, Mobility and Transit. For Usio, this recognition oftheir work is quite welcome.
Working both as a program manager and issuerprocessor, Usio provides fund disbursement, transaction processing,compliance and detailed reporting on how funds are spent. Usio’sproprietary card issuing platform, Akimbo, is the interface thatincludes remote reloading for the cards and merchant category coderestrictions to manage how the funds are spent.
Prepaid cards for Usiosaw a 107% increase in revenue from 2020 to 2021, and the companycontinues to work with a variety of municipalities and businesses tomeet their fund disbursement and management needs. It maintains itsstrong partnership with Mastercard, as it continues activelycollaborating in Mastercard’s CityPossible program.
“Mastercard has been a valuable partner of Usio for severalyears, and we are very flattered that it has chosen this program fromthe many it has sponsored as a feature in its new marketing campaign.We look forward to continuing to build this mutually beneficialrelationship,” Usio CEO Louis Hoch said.
Usio is a leadingcloud-based fintech company that offers a variety of electronicpayment solutions for businesses, banks, lenders and more. Itsproducts include automated clearing house (ACH) services, prepaidcards, payment facilitation and billing services.
To learn more aboutUsio, visit its website .
To learn more about the Mastercard City Keyprogram, click here .
Usio, Inc. is a tech-enabled payment solutionsprovider to merchants, billers and software companies . Weprovide an extensive set of tailored products to deliver world-classpayment acceptance, processing, and risk/fraudmanagement.
This post contains sponsored advertisingcontent. This content is for informational purposes only and is notintended to be investing advice.
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