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18/03/2011 -
Banks and other financial institutions are taking action to support Japan in the wake of last week's 8.9 magnitude earthquake, according to MyBankTracker.The news source notes that Japan is facing an estimated cost of $180 billion USD for long-term recovery and reconstruction - the equivalent of the Asian nation's annual economic output - and is 50 percent higher than the total cost of the 1995 earthquake in Kobe, InsuranceJournal reports.
MasterCard has stepped up as a donor, and has offered to waive interchange processing fees on donations to certain organizations. Eligible groups include the American Red Cross, AmeriCares, Doctors Without Borders, International Rescue Committee, Save the Children and World Vision.
In addition, MasterCard will donate all revenue generated by charitable contributions made to these organizations through May 15, 2011.
According to CardRatings.com, credit card processors endured media backlash for charging interchange fees of up to 4 percent during 2010's Haitian earthquake crisis.
A $250,000 corporate donation will also be made by MasterCard on top of the company's charitable efforts.
