Greenwood Partners With Mastercard For Its First Debit Card, Aims to Continue Closing The Racial Wealth Gap
Photo Credit: PRNewsfoto / Greenwood Financial / Michael Render, Ambassador Andrew J. Young and Ryan Glover
Greenwood takes it up a notch!
The digital banking platform made specifically with Black and Latino people and business owners in mind has announced that it has decided to partner with Mastercard as its network of choice for the bank’s first debit card.
According to PR Newswire, the matte black debit Mastercard will give its cardholders a digital-centric experience along with an extensive list of security and concierge benefits. The card will also include innovative giveback programs with a focus on supporting both Black and Latino causes and businesses.
Together the companies will deliver an Enhanced Mastercard® debit program which will provide all members financial protections and management services that include credit monitoring and transaction alerts as well as ID Theft Protection™, emergency card replacement, Mastercard Airport Concierge™, and access to once-in-a-lifetime exclusive Priceless offers and experiences.
“As Greenwood works toward bringing practical products to market this summer, it’s encouraging to know that Mastercard is aligned with our mission of economic empowerment for people of color,” said Ryan Glover, Chairman and Co-Founder of Greenwood in a news release. “Mastercard’s desire to partner with us to produce content that will speak directly to our community while also providing access to the exclusive World Debit program means Greenwood customers will get a best-in-class product and the tools to grow wealth. Both of these benefits map directly to our mission.”
Along with the card partnership, Greenwood and Mastercard will also join forces to provide unique financial education tools to the market that includes a daily podcast set to launch this summer.
Listeners will receive engaging and educational content about banking, capital for small businesses, financial planning, homeownership, and wealth creation. The main goal of the platform is to provide both knowledge and opportunities that address the current racial wealth gap.
“Families of color experience greater financial insecurity because of systemic barriers in our financial systems,” said Sherri Haymond, executive vice president of Digital Partnerships for Mastercard in a statement. “By supporting the financial needs of individuals and businesses within communities of color we can help foster a cycle of prosperity. Greenwood and Mastercard share a commitment to creating a path to wealth creation by delivering financial solutions and resources that address systemic barriers and advance economic empowerment.”
The partnership will also further Mastercard’s In Solidarity commitment of $500 million in financial support, products, services, and technology in order to close the racial wealth and opportunity gap. It also continues the card service’s mission to bring one billion people into the financial mainstream by 2025.