Mastercard introduces Small Business AI, an innovative tool designed to offer personalized guidance and mentorship for small business owners globally, addressing their unique challenges. Partnering with Create Labs and a global media coalition, the tool emphasizes inclusivity and is set to pilot in the U.S. with plans for international expansion.
11 January 2024 – In a strategic move to bolster small businesses worldwide, Mastercard has announced the development of a groundbreaking initiative – Mastercard Small Business AI. This forward-looking Artificial Intelligence tool is set to provide personalized guidance and mentorship to small business owners, addressing their unique challenges and fostering growth. The company, recognizing the indispensable role of mentorship and the overwhelming nature of contemporary data, is aiming to streamline support for entrepreneurs, particularly those without employees, through an inclusive and always-accessible AI-driven platform.
Mastercard’s Chief Marketing and Communications Officer, Raja Rajamannar, emphasized the profound commitment to the small business community, stating, “Mastercard Small Business AI aims to create mentorship at scale, offering always-on advice from an inclusive set of sources. This is a testament to our commitment to the small business community and to innovations that lift people up.”
Partnering with Create Labs, a social venture specializing in providing technology access to underserved communities, Mastercard ensures the development of a tool that is not only technologically advanced but also designed to limit biases and cater to diverse entrepreneurial needs. The Generative AI tool will provide a conversational experience, drawing on a rich repository of content from Mastercard and a global media coalition that includes Blavity Media Group, Group Black, Newsweek, and TelevisaUnivision.
The tool is slated for a U.S. pilot later this year, with plans for international expansion. The collaborative effort aims to create a more equitable world by reducing exclusion and empowering small business owners globally.
