As cryptocurrencies gain momentum in the political and regulatory arena, Mastercard expands blockchain integration into its payment ecosystem.
Blockchain Integration in Mastercard
The global payments giant Mastercard is working to create a seamless network for digital asset transactions. Raj Dhamodharan, Mastercard’s vice president of blockchain and digital assets, mentioned the need for a simple and compliant framework similar to popular P2P payment services.
Engaging Financial Institutions
A critical aspect of Mastercard’s initiative is its adoption of the Multi-Token Network (MTN) which aims to bring financial institutions into the blockchain-based ecosystem. The company has partnered with major banks like JPMorgan and Standard Chartered to explore applications such as cross-border payments and the tokenization of deposits and carbon credits.
Crypto Programs for Customers
Mastercard’s ambitions extend to its broad consumer base. The company has launched more than 100 crypto-focused card programs, including credit, prepaid, and rewards cards that offer crypto incentives instead of traditional cash-back options.
Mastercard is actively integrating blockchain into its ecosystem, aiming to merge modern technology into the financial system for enhanced usability.
