Mastercard is Supporting Small Vendors with Cashless Payment Systems
Laura McQuarrie — May 3, 2021 — Marketing
References: youtu.be & famouscampaigns
Waze and Mastercard joined forces to support small independent vendors in Romania with the Roadside Market campaign. Complicated market laws in the country mean that many vendors aren't able to join street markets and must rely on selling their wares on the side of the road instead. Drivers who use the Waze app in the country will now get real-time information from local producers selling everything from fresh produce to dairy products.
Additionally, Mastercard set up the vendors with cashless payment systems, so that transactions can happen in an easy and safe way. According to Cosmin Vladimirescu, Country Manager, Mastercard Romania and Croatia, "Cash payments have been until now the only way for the roadside vendors to be paid for their produce, which, in a more and more cashless world, limits the number of customers."
Additionally, Mastercard set up the vendors with cashless payment systems, so that transactions can happen in an easy and safe way. According to Cosmin Vladimirescu, Country Manager, Mastercard Romania and Croatia, "Cash payments have been until now the only way for the roadside vendors to be paid for their produce, which, in a more and more cashless world, limits the number of customers."
Trend Themes
1. Cashless Market Transactions - The implementation of cashless payment systems at roadside markets is a disruptive innovation opportunity that improves business efficiency and security for small independent vendors.
2. Real-time Information Sharing - The real-time information sharing through apps like Waze is a disruptive innovation opportunity that enables small independent vendors to reach potential customers that they would otherwise not have been able to reach.
3. Alternative Market Models - The exploration of alternative market models, such as roadside markets, is a disruptive innovation opportunity that can meet the needs of small independent vendors who are unable to join street markets due to market laws in certain countries.
Industry Implications
1. Mobile Payment Solutions - The implementation of cashless payment systems presents disruptive innovation opportunities for mobile payment solution providers to better serve small independent vendors needing secure payment solutions at roadside markets.
2. Mapping and Navigation Services - The real-time information sharing through apps like Waze presents disruptive innovation opportunities for mapping and navigation service providers to better serve small independent vendors by providing detailed and accurate market information to potential customers.
3. Agriculture and Food Retail - The exploration and implementation of alternative market models, such as roadside markets, can present disruptive innovation opportunities for agriculture and food retail industries to meet the needs of small independent vendors and customers in certain areas where traditional street markets may not be accessible.
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