Using the superpower of partnership to accelerate mobility
Mastercard partners with Meridiam to address cities’ infrastructure funding challenge
Urban growth is accelerating because of the significant opportunities that cities offer for employment, education, and cultural enrichment. But residents and visitors cannot take advantage of these resources unless they can reach them.
Inclusive mobility is the key that unlocks individual potential and drives collective prosperity, ensuring that all residents and visitors can move easily and seamlessly around cities using an array of transportation options.
Bridging the capitol gap
Around the globe, city leaders agree that it’s vital to improve their public transit infrastructures, but securing the necessary financing can be daunting. In a London School of Economics’ survey of 100 cities worldwide, 55 percent identified lack of public funding as major barrier to sustainable urban growth. Bridging this capital gap is essential, and it calls for fresh thinking.
The public transit dilemma is just the type of urban challenge that Mastercard had in mind in creating City Possible, a new public-private partnership model focused on meeting the needs of local communities. Through City Possible, resource-constrained municipalities can tap into the operational expertise and innovation mindset of the private sector to collaborate on new ways to solve complex and costly issues—such as transit infrastructures unprepared for the challenges of 21st century urban mobility.
Activating our collective superpower
To lead the initiative in mobility modernization, Mastercard is pleased to be partnering with Meridiam, a world-class global investor, to develop, finance, and manage mobility infrastructure projects. The collaboration will focus on helping transit agencies design, build, finance and implement digital fare collection approaches that can reduce operating costs and provide a simpler consumer experience.
Digitization of fare collection, through technologies such as contactless payments, is the first step toward smart payment systems that make the transit experience more convenient for users and more efficient for operators. Cities can realize savings through contactless payments, but first they need to find a way around budgetary constraints to fund the initial capital outlay and, literally, put the wheels in motion.
Over the coming months, Mastercard and Meridiam will work with cities ready to transform their mobility infrastructures and initiate projects that can create long-term value for the municipalities and for their residents and business communities.
Taking the next step
To learn more about the Mastercard and Meridiam partnership, read the recent press release. We also encourage you to think about joining City Possible to bring the collaboration superpower to your city. City Possible enables a global network of cities, companies and communities working together to promote inclusive and sustainable urban co-development focused on addressing pressing urban challenges.