How woke is MasterCard?

Introduction

Mastercard, a global leader in the payments industry, facilitates electronic funds transfers through its branded debit, credit, and prepaid cards. Founded in 1966 as Interbank Card Association and headquartered in Purchase, New York, Mastercard has grown to become more than just a payment network processor. Today, it champions progressive values and social justice initiatives. This review explores how Mastercard integrates social justice into its operations, focusing on financial contributions, DEI policies, training sessions, support for LGBTQ+ initiatives, and marketing strategies. Here’s an in-depth look at how Mastercard measures up on the woke scale.

Financial Contributions to Progressive Causes

Mastercard has been swiping big when it comes to supporting progressive causes. The Mastercard Impact Fund, established in 2018, is a major vehicle for their donations, focusing on diversity, inclusion, and financial growth for underserved communities.

According to Influencewatch, “The longtime financial services provider has increasingly promoted left-progressive social agendas, including designing a “pride plaza” in the metaverse and creating a carbon tracker for purchases to supposedly combat climate change.”

In 2020, the fund donated $15.5 million to the New Venture Fund. The New Venture Fund, run by Arabella Advisors, supports various left-progressive organizations, including the Climate and Clean Energy Equity Fund, and Democracy Alliance’s Youth Engagement Fund.

Mastercard also committed $500 million to close the racial wealth gap through its Solidarity in Action initiative, stating: “With half of all Black Americans excluded from the financial mainstream and Black-owned small businesses blocked from funding, we’re working to deliver immediate impact for Black communities.”

Prioritization of DEI Policies

Mastercard maxes out in terms of diversity, equity, and inclusion (DEI). Their DEI policy emphasizes creating an inclusive environment and is overseen by the Board of Directors and a Chief Inclusion Officer.

“As with our commitment to decency, diversity, equity and inclusion are embedded in our DNA through the Mastercard Way,” the company says.

Regular pay equity analyses ensure fairness, with women globally and people of color in par with their counterparts.

Mastercard also has initiatives to recruit diverse talent and provide pathways for advancement, such as programs for women returning to work and mentorship for mid-career women employees.

Mandatory Training Sessions

Although there is no explicit information on mandatory training sessions focused on social activism, Mastercard’s Pathways to Inclusion program includes training on unconscious bias, cross-cultural communication, and building inclusive teams. These training modules align with social activism principles and promote diversity and inclusion within the workplace.

Support for LGBTQ+ Initiatives

Mastercard’s support for LGBTQ+ initiatives is significant. The True Name feature, launched in 2019, allows transgender and non-binary individuals to use their chosen name on cards without a legal name change.

“For many in the LGBTQIA+ community, the name on their credit, debit or prepaid card does not reflect their true identity,” the company, cited by CNN, stated. “As a result, for the transgender and non-binary communities in particular, the card in their pocket can serve as a source of sensitivity, misrepresenting their true identity when shopping and going about daily life.”

Additionally, Mastercard’s “Your True Self is Priceless” campaign and the creation of virtual spaces like Pride Plaza in the metaverse demonstrate the company’s commitment to LGBTQ+ inclusivity.

Marketing and Branding

Mastercard’s “Priceless Causes” initiative integrates social justice into its core marketing strategy. For example, Mastercard promotes environmental sustainability through initiatives like the Priceless Planet Coalition, which focuses on reforestation and combating climate change.

Additionally, Mastercard has spearheaded a campaign to highlight and promote diversity and inclusion in the film industry at the 73rd Berlin International Film Festival, which featured panel discussions and a donation program to support related organizations.

“The Berlinale is one of the most important film festivals worldwide and offers the ideal set-up for a campaign that reflects our values and anchors us again in people’s minds as a ‘Brand with Purpose’,” according to Marene Arnold, Vice President of Marketing & Communications for the DACH region at Mastercard, in a news release.

Conclusion

Mastercard’s extensive support for progressive causes, robust DEI policies, comprehensive training programs, significant backing of LGBTQ+ initiatives, and strategic marketing all highlight the brand’s commitment to the woke agenda. These efforts reflect Mastercard’s corporate values and position the company as a leader in promoting social justice and inclusion across various domains.