Mastercard Targets Mexico City, Where Cash Is King

The video discusses Mexico City's heavy reliance on cash, with 85% of transactions being cash-based. MasterCard aims to reduce this by introducing a cashless system using debit cards linked to bank accounts, starting with the Metro system. However, challenges include the large informal economy and low bank account ownership. The initiative aims to bring more people into the formal economy, but faces obstacles due to economic inequality. MasterCard's success in Colombia is highlighted as a model, but a cashless economy in Mexico is still distant.

Discuss the implications of needing a bank account to access the proposed MasterCard services.

What are the potential benefits of the MasterCard initiative for the Secretary of Economic Development?

What is the significance of the Mexican minimum wage in the context of the cashless economy?