Mastercard debuts AI tool for small businesses

Purchase-headquartered Mastercard (NYSE:MA) has unveiled Mastercard Small Business AI, an inclusive artificial intelligence (AI) tool designed to provide customized assistance for small business owners.

In announcing this initiative, Mastercard cited data showing that eight out of 10 small businesses operate without employees while 88% of entrepreneurs acknowledge the value of having a mentor. Mastercard is teaming with Create Labs, a social venture offering technology access to underserved communities, in designing this new tool’s Generative AI features to offer a conversational experience, drawing on emerging techniques and inclusive design standards to promote a relevant user journey.

As part of this initiative, Mastercard is licensing content from a newly formed global media coalition that includes Blavity Media Group, Group Black, Newsweek and TelevisaUnivision. The tool is scheduled to be piloted in the U.S. later this year, with the goal for international markets to follow. Mastercard plans to have additional partners join worldwide to drive critical local relevance as the tool expands globally.

“We are working closely with small business owners at all stages of development and seeing the myriad of challenges they face and the critical importance of mentorship to their success,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar. “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.”