Fro the Opening Statement of Ajay Banga: "The fact is, we see billions of transactions in a year. [...] So, what we get is a 16-digit account number, the dollar value what you purchased total (not what you bought for the dollar value), a merchant code, and a date and time. [I]f you were to put all that together [there are] insights you can glean from that. Particularly if you have years of this data and you're able to build regressions to overall consumer spending, not just on our rails, but in totality. Then you create a very powerful instrument that can be used for public good. So, the idea here is to use the insights from consumer spending for everything ranging from where should governments direct their benefit and subsidy programs at a time like what we're going through right now so you help them to be more efficient and more honed in on their spending to even before this." This transcript features statements from the following: Ajay Banga, Scott Miller, and Andrew Schwartz.
Center for Strategic and International Studies
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