Greenwood selects Mastercard for the launch of Greenwood Debit card

By Pavithra R

Greenwood, a digital banking services platform for Black and Latino individuals and businesses has announced selecting Mastercard as its network of choice for its first debit card.

The Greenwood matte black debit Mastercard will offer cardholders a digital-centric user experience, an extensive list of security and concierge benefits, and innovative giveback programs focused on supporting Black and Latino causes and businesses.

Together the companies will deliver an Enhanced Mastercard debit program which will provide its members financial management services and protections such as ID Theft Protection providing credit monitoring and transaction alerts, Mastercard Airport Concierge, emergency card replacement, as well as access to once-in-a-lifetime exclusive Priceless offers and experiences.

“As Greenwood works toward bringing practical products to market this summer, it’s encouraging to know that Mastercard is aligned with our mission of economic empowerment for people of color. Mastercard’s desire to partner with us to produce content that will speak directly to our community while also providing access to the exclusive World Debit program means Greenwood customers will get a best-in-class product and the tools to grow wealth. Both of these benefits map directly to our mission,” said Ryan Glover, Chairman and Co-Founder of Greenwood.

Customers can upgrade to a Greenwood Premium membership that comes with the exclusive metal Greenwood World Debit Mastercard providing expanded services and offerings including Identity Fraud Expense Reimbursement insurance of $1,000 per claim, 90 days of Purchase Assurance on damaged or stolen goods, 30 day Price Protection up to $250 per claim, enhanced luxury travel services, as well as discounted access to private golf courses, Priceless Lessons and more.

Besides the card partnership, the companies will bring unique financial education tools to the market. The goal is to help provide knowledge and opportunities that address the racial wealth gap.

“Families of color experience greater financial insecurity because of systemic barriers in our financial systems. By supporting the financial needs of individuals and businesses within communities of color we can help foster a cycle of prosperity. Greenwood and Mastercard share a commitment to creating a path to wealth creation by delivering financial solutions and resources that address systemic barriers and advance economic empowerment,” said Sherri Haymond, executive vice president of Digital Partnerships for Mastercard.

The collaboration furthers Mastercard‘s commitment to bring one billion people into the financial mainstream by 2025 and its In Solidarity commitment of $500MM in products, services, technology and financial support to help close the racial wealth and opportunity gap.