Techsylvania is a leading technology event in Eastern Europe. We put the future of technology, business, and the know-how of global leaders under the spotlight.
Over 5.000 engineers, founders, investors, executives, and CEOs of IT & digital companies, banks, and pioneers of growing startups from across the world are expected to meet at Techsylvania for inspiration and networking.
Reframed in 2020 into a virtual event, Techsylvania returns in 2021 again as an online experience. Addressing hot issues, facing stark challenges, and learning from the industry change-makers — all available under one virtual roof.
Mastercard presents its approach to innovation and digital transformation in 2021, as well as its recent plans to connect people with priceless opportunities. And this is getting even more exciting when talking about the technologies and innovations they envision becoming a part of our lives in the near future.
Cosmin Vladimirescu, Country Manager Romania & Croatia
Mastercard’s approach to innovation and digital transformation in 2021
The pandemic influenced the way consumers pay for the products and services they want, and existing restrictions led to people turning more than ever before to digital options and electronic payments. We are witnessing an increase in card acceptance rates across the country, including in traditional markets.
Mastercard continued to develop new digital initiatives and solutions, an example in this regard being the launch of www.mymastercard.ro, the digital platform dedicated to our Premium cardholders, Mastercard Premium & Business. This tool simplifies access to hundreds of exclusive benefits and experiences, that we have developed together with over 115 partners on the local market.
The pandemic also showcased the importance of the digital transformation of our society. The small and medium-sized enterprise sector was one of the areas most affected and, as a result, the need for support was and still is great on their behalf.
“To address this need, in March this year, we launched the “Digitize Your Business” pack, a suite of solutions dedicated to entrepreneurs and SMEs, that help accelerate digital transformation. The pack responds to specific needs that emerged or have intensified during the pandemic and brings together a series of customized benefits enabled by our partners’ Connections Consulting, certSIGN, SanoPass, and startGDPR. Last year, we continued to build on strategic directions such as digitalization, innovation, education, and financial inclusion. As a result, Mastercard consolidated its leading position on the Romanian market, including on the credit and premium cards segments” declared Cosmin Vladimirescu, Country Manager Romania & Croatia.
Recent plans to connect people with priceless opportunities
Can you tell us more about your recent plans? Initiatives like “Noi facem un spital” caught our attention, as they are really prioritizing young patients and their needs, offering them and their parents a different treatment experience from everything they have found before in Romania.
Mastercard’s mission is to connect people with priceless opportunities. Over the past years, they have developed a strong local corporate social responsibility platform, guided by the goal of building a better future through relevant actions.
“For three years now, we are alongside the Give Life Association as Innovation Partner in a project of critical importance for Romania: the #WeBuildAHospital (#NoiFacemUnSpital) initiative, that is uplifting the local healthcare standard, by building the first pediatric oncology and radiotherapy hospital in the country. Our partnership debuted in 2019, when we turned all our products and projects into vehicles of doing good, to meet our pledge of donating 1 million euro to the hospital, by the end of the year. We exceeded the initial goal and succeeded in facilitating a donation of over 1.1 million euros, together with Mastercard cardholders and other important partners. Then, in March 2020, Mastercard was the first company to announce a 100,000 euro donation to Give Life, immediately after the Association announced that all upcoming donations were going to be redirected to support the national fight against the virus. This year, Mastercard is taking its long-term commitment a step further, by funding patient safety education sessions for the non-profit organization, ensured by experts from the most prestigious healthcare institutes in the world. They are holding online mentoring sessions for the medical team that will treat patients in the new hospital, to support the development of both the highest level in terms of patient safety, and healthcare services” also stated Cosmin Vladimirescu.
The past year has struck a blow to industries across the globe, but perhaps none so fierce as the one dealt by the HoReCa industry. Mastercard has always been close to this sector and continues to stand behind it in these times. As such, Mastercard powered the development of “Dor de bun și bine” (Missing Good Food and Good Times), launched alongside HORA Romania (The Organization of Hotel and Restaurant Operators in Romania). The campaign is set to support the relaunch of the hospitality industry, by releasing the first Safety Restaurants Guide for operators and clients, developed together with healthcare experts, and by ongoing discussions with authorities, to help implement recovery measures meant to help businesses overcome financial loss and challenges. All that while ensuring peace of mind for clients, in an environment where they can fully reconnect with the enjoyment of going out, eating out, and bond with friends and family.
“Also as part of our commitment to gender equality, at the last year edition of Techsylvania, Jeannette Liendo, Senior Vice President, Marketing and Communication for Mastercard Europe, discussed the importance of women leadership in building a better future and the innovative technologies that shape the world we live in. She also had a one-to-one meeting with a female participant, as a prize for attending the event” added Cosmin Vladimirescu.
Technologies and innovations Mastercard envisions becoming a part of our lives in the near future
We are living in a digitalization era, with a continuously increasing volume of electronic transactions, when safety, speed, simplicity, and convenience are more important than ever in terms of payments. And biometric authentication is gaining more and more traction is biometrics, as it offers consumers the safest and most user-friendly way to authorize a transaction. Biometrics is the optimal way to authorize payments because it relies on the user’s unique characteristics, ensures personal presence and active participation in approving a transaction, thus being extremely secure. Everyone who owns a smartphone is already more than familiar with biometric authentication, using it to open the phone, by fingerprint scanning or Face ID. And it works the same way with e-commerce payments. According to a local Mastercard study from this year, biometry is the undisputed leader when it comes to customers’ preferred options for authenticating transactions.
Another technology that has taken payment experience to the next level is the Apple Pay and Google Pay services, as well as the other digital wallet solutions available.
“Mastercard data shows that payments made through digital wallets increased by almost 400% in May 2021 compared to May 2020, in the context in which approximately 90% of Mastercard and Maestro cards rely on an electronic wallet made available by issuers.
There is a growing preference for mobile payments, a fact confirmed by the latest NBR (National Bank of Romania) report, from March 2021, which shows that the number of payment transactions made with a phone or internet to buy products and services increased by 53.15% last year, and the value of these transactions increased by 40.36% compared to 2019.
We expect the utilization rate as well as the rate of adoption of biometrics and digital wallets to continue their upward trend, bringing more and more people into the digital economy. In fact, Mastercard’s worldwide goal is to integrate a billion people in the digital economy by 2025” concluded Cosmin Vladimirescu, the Mastercard Country Manager Romania & Croatia.
