Technology and connectivity have drawn billions of consumers and businesses into the formal financial system, but the transition from access to stability remains uneven and incomplete.
Over the past decade, digital credentials, mobile devices, and real-time payment rails have changed how money moves and how people engage in commerce. However, evidence suggests that participation alone does not translate into resilience.
MasterCardOur final commitment, set out in initiative To connect and protect 500 million consumers and small businesses by 2030, this reflects the distinction between access and continuity.
From achieving financial health
Mastercard’s previous efforts have focused on expanding access, bringing large numbers of previously excluded users into the system through cards, wallets and acceptance networks. The current phase turns attention toward what happens after this first contact.
Bonita SawhneyMastercard’s chief consumer products officer, raised the issue in a recent interview with PYMNTS. “We still have many people and businesses who don’t have adequate access, and those who do have access don’t have the frequent usage and healthy behaviors to help them reach financial health,” she said.
Financial health, in this context, extends beyond account ownership. It includes the ability to use tools regularly, build a transaction history and apply for services such as credit or insurance. It also reflects whether consumers and businesses are able to withstand financial pressures without exiting the system.
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Why do gaps persist?
Despite gains in communication, structural barriers remain. In some areas, infrastructure is lagging behind. In other cases, the challenge lies in fragmented ecosystems, where banks, networks, governments and technology providers do not align incentives or capabilities.
Sawhney pointed to a dual problem: access and use. “There is work to be done on both sides,” she said.
She said that one in three consumers do not have the ability to withstand an unexpected financial shock. This fragility reflects limited savings, irregular income, and a lack of tools to support budgeting and planning. It also reflects gaps in acceptance. When merchants don’t accept digital payments, consumers turn to cash, hindering the habit formation needed for sustainable engagement.
Confidence, confidence and behaviour
The distinction between trust and confidence plays a central role in financial inclusion. Trust relates to whether individuals believe they can manage a financial instrument. Trust relates to whether they expect the system to protect them when something goes wrong.
Without these safeguards, consumers may withdraw funds immediately or avoid digital channels altogether. This behavior limits the data and sharing pathways that support access to broader financial services, Sawhney told PYMNTS.
Protection mechanisms, including dispute rights, fraud safeguards and refunds, help address this hesitation. They also contribute to a sense of continuity that encourages repeated use.
Expanding connectivity now includes more than just traditional banking relationships. Wallets, telecom providers and government-backed payment systems have become essential entry points in many markets.
Sawhney cited examples such as Pix in Brazil and UPI in India, where infrastructure has enabled expansion but not always sustainable use. “Wallets are increasingly becoming the first place a consumer might go when they get their first account,” she said.
Mastercard’s approach includes streamlined products designed to provide affordability and distribution through non-traditional channels. The goal is to meet consumers and small businesses where they already do business, rather than asking them to adopt unfamiliar systems.
Small businesses in the centre
Small businesses are located at the intersection of consumer demand and financial infrastructure, but they face similar barriers. Limited access to digital tools, combined with exposure to fraud and cyber risks, restricts its growth.
“Sixty percent of small businesses that have a cyber attack… after six months, they don’t succeed,” Sawhney said. This vulnerability underscores the need for built-in protections and live tools.
Digitization itself provides immediate benefits. Moving from cash-based operations to digital acceptance creates transaction records, improves visibility into cash flow, and supports planning. “When we transition a business to a digital solution, that’s an obstacle we’ve helped overcome,” she told PYMNTS.
Share protection
Security concerns can prevent consumers and merchants from participating more deeply. Rising fraud and cyber threats create friction at the point where systems require trust precisely to scale.
Therefore, protection is not an auxiliary element to access, but rather a prerequisite for it. Mastercard’s efforts include integrating safeguards into products and expanding support through partnerships that address technical and behavioral risks.
As ecosystems expand, the question of who owns the relationship with customers becomes less clear. Banks, networks, wallets, and platforms each contribute distinct functionality.
Sawhney stressed that no single entity can face this challenge alone. “This is not just a MasterCard game,” she said. “We need to share information, we need to share best practices, and we need to partner to serve customers.”
This approach has led to the formation of an alliance bringing together financial institutions, technology providers, governments and NGOs. The goal is to coordinate efforts across the financial engagement lifecycle.
The scale of the task remains large, even after significant progress has been made. The combination of digital infrastructure, behavioral tools, and coordinated partnerships will determine whether the next phase delivers lasting results.
Sawhney stressed the incomplete nature of the efforts. “We’re really proud of where we’ve come so far,” she said. “But we are really intent on the work ahead of us, and we look forward to helping bring people safely through the system.”
