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Mastercard provides insights to cities, countries on COVID-19 economic data

Mastercard is providing a series of tools, called Recovery Insights, to businesses and local governments worldwide to provide unique insights about payment trends as they look to reopen.

Mastercard developed the data and research based on its analytical tools and said the information can help local officials gain information about the local economic impact of COVID-19, according to a press release.

"Enabling smarter decisions with better outcomes is our goal," Raj Seshadri, president of data services at Mastercard, said in the release. "And it's what airlines, restaurants, CPG Brands, banks, governments and countless others areas are seeking right now."

He said the insights are being used by a range of companies, from grocers extending hours to apparel firms addressing the rise in e-commerce.

Cities like New York, London, Barcelona, Madrid and Los Angeles have used the tool, as have the state of Arizona and tourism officials in Spain.