Mastercard is stepping up its efforts to integrate blockchain technology into its payment systems as cryptocurrencies continue to gain traction in political and regulatory circles.
The global payments leader is focused on building a streamlined network to facilitate digital asset transactions.
Raj Dhamodharan, Mastercard’s vice president of blockchain and digital assets, explained that the company aims to bridge the gap between traditional finance and the digital asset world by leveraging its global reach.
He emphasized the importance of creating a user-friendly and regulated framework similar to popular peer-to-peer payment services like Venmo and Zelle in the U.S.
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One of Mastercard’s key initiatives is the Multi-Token Network, designed to onboard financial institutions into a blockchain-driven environment.
To this end, the company has partnered with major banks, including JPMorgan and Standard Chartered, to explore use cases like cross-border payments and tokenizing deposits and carbon credits.
Dhamodharan noted that traditional financial institutions are increasingly interested in blockchain because of its potential to enhance business models and create new opportunities.
Mastercard’s blockchain ambitions extend to its extensive consumer network, which includes 3.5 billion cardholders worldwide. The company has already rolled out over 100 crypto-centric card programs, offering options such as credit, prepaid, and rewards cards with crypto-based incentives rather than conventional cash-back rewards.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/mastercard-expands-blockchain-integration-with-new-digital-asset-initiatives/