Mastercard Inc. (MA) wants to get in with the cool kids.
To appeal to the younger set, Mastercard launched a new digital platform called "Assemble" aimed at helping the millennials in the U.S. best manage their funds outside of the confines of a community bank.
Assemble is a "prepaid innovation hub that issuers and partners will offer to customers with holistic money management capabilities," Mastercard said in a statement Tuesday, Dec. 12.
That could include checking account balances, budgeting, establishing savings goals and making digital payments in real time to anyone in the U.S. with a valid debit card using Mastercard's "Send" technology. All you need is a digital Mastercard prepaid account, the mobile app and a payment card in either virtual or physical form.
The technology is akin to a mobile banking app, but instead of a checking or savings account, the funds are drawn from a prepaid Mastercard account. Assemble is aimed at addressing millennials, but Mastercard has other prepaid programs in the works aimed at underserved groups such as gig economy workers or micro businesses, Mastercard said.
The Assemble program is available now in the U.S. and will roll out in other markets within the next year.
"Prepaid is much more than just a way to safely store and use funds," said Mastercard senior VP of prepaid product development and innovation. "It is a foundation to create new possibilities for consumers."
Mastercard stock traded higher 1.37% to $152.95 late Tuesday afternoon.
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