Mastercard specialists are currently working on creating an artificial intelligence tool designed for use by small business owners.

The new development of the mentioned company will be called Mastercard Small Business AI. This tool based on advanced technology was announced on Thursday, January 11.

The giant of the payment industry is working on the creation of the development in cooperation with Create Labs. Mastercard’s partner specializes in providing underserved communities with access to advanced technology solutions.

The payment industry giant’s press release notes that the new artificial intelligence-based tool will be able to limit bias and meet a wide range of entrepreneurial needs. The company said that this development will be designed for small businesses that face the problem of lack of resources. The giant of the payment industry also noted that the artificial intelligence-based tool will help those entrepreneurs who need a mentor and work without employees.

Mastercard’s Director of Marketing and Communications, Raja Rajamannar, said that the company works closely with small business owners at all stages of development. According to him, the experience of this interaction testifies to the many problems that representatives of the specified segment of the business space have to face.

Raja Rajamannar also noted that in the mentioned sector, mentoring practice is of particular importance as a way to achieve success. According to him, the announced artificial intelligence-based tool will create a large-scale mentoring structure. He separately stated that the new development is a testament to Mastercard’s commitment to the small business community and innovations that lift people up.

In the process of creating an artificial intelligence tool, the content library of the giant of the payment industry is used. Moreover, in this case applying arrays of information licensed by the new media coalition, which includes Blavity Media Group, a digital company aimed at supporting Black millennials, and Spanish-language media structure TelevisaUnivision.

Mastercard intends to test the tool based on artificial intelligence in the current year. Later, the development will be presented in the markets of other countries. The relevant information is contained in the press release of the giant of the payment industry.

Mastercard’s efforts can be described as part of a global trend related to activity aims to launch artificial intelligence-based products in which advanced technology is used as an assistant.

This week, Walmart announced its intention to apply generative AI and transform its commercial platform into a concierge for customers, changing its current status of a place to shop. This company has developed an artificial intelligence-based search system for users of devices running on iOS. The system generates relevant results for different categories.

In November, the Mastercard Dynamic Yield unit presented a tool based on generative artificial intelligence, which functions as a personal assistant for customers. The CEO of this arm, Ori Bauer, said that personalization provides people with the opportunity to make purchases the way they want. He noted that innovative solutions based on artificial intelligence are the key to unlocking immersive and tailored online shopping.