Mastercard has announced it is developing an “inclusive” generative AI (GenAI) tool to support small business owners.

Mastercard Small Business AI aims to give business owners customised assistance in real-time “anytime, anywhere”.

The GenAI tool is being developed in partnership with Create Labs, a social venture offering technology to underserved communities.

The tool is designed to limit biases and cater for different entrepreneurial needs, with Mastercard explaining that the technology will be built on “diverse and inclusive” content.

Mastercard has also partnered with a number of other companies to ensure the tool is inclusive, including Group Black, a Black-owned media company which connects brands to diverse audiences and TelevisaUnivision, a Spanish-language media company.

The service will be piloted in the US later this year and Mastercard hopes to expand into other markets after the initial trial.

"Operating a small business is a point of immense passion and pride for entrepreneurs, but it’s certainly not easy,” said Raja Rajamannar, chief marketing and communications officer at Mastercard. “We are working closely with small business owners at all stages of development and seeing the myriad of challenges they face and the critical importance of mentorship to their success.”

He added: “Mastercard Small Business AI aims to create mentorship at scale, offering always-on advice from an inclusive set of sources. This is a testament to our commitment to the small business community and to innovations that lift people up."

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