Across the globe, consumers and small businesses are migrating way from cash in favor of safer ways to transact, such as using contactless cards or smartphone payments. And while stores and restaurants have been closed, e-commerce has increased massively. Meanwhile, and somewhat as a result of people working from home, parts of the gig economy have seen growth during the pandemic. Small businesses are also reeling from the impact of the pandemic. These firms are the lifeblood of our communities and our economies.
In fact, they represent up to half of the GDP around the world. it is often new technology that helps workers and businesses adapt. A product Mastercard provides to gig platforms, Mastercard Send, enables them to access their earnings on demand using their debit card. Mastercard Send can also enable business owners to receive their proceeds in near real-time using just their debit card. In both cases, fast and convenient access to money builds resilience by allowing gig workers and small businesses to meet their most important needs.