Mastercard aims to assist banks and merchants in adopting crypto-enabled technologies and nonfungible tokens (NFTs). Mastercard recently announced that it is expanding its consulting business with crypto-focused practices in order to pursue a spot in the crypto industry.
In the announcement, Mastercard’s Data & Services President Raj Seshadri states that the financial institution will continue to assist clients in navigating the ever-changing world of finance, identifying challenges and anticipating what is to come.
“For the past 20 years, we’ve worked with customers in banking, fintech, retail, travel, and other industries, assisting them in understanding and navigating every challenge and opportunity that has come their way.”
The firm’s consulting efforts are aimed at banks and merchants who require assistance in adopting cryptocurrency. This includes assisting in the development of crypto-enabled loyalty programs as well as developing strategies for crypto and NFT integration. In addition, Mastercard will use its partnerships with “digitally native firms” to provide crypto solutions and assist businesses in entering new markets.
Furthermore, the global financial institution is focusing on assisting central banks as they investigate the development of central bank digital currencies (CBDCs). Before launching their CBDCs, central banks can use Mastercard’s testing platform to conduct research, testing, and consultation with experts in payment systems, regulation, and governance.
Liza Oakes, executive vice president of market development at Mastercard, stated that aside from CBDCs, Oakes says the company is looking into “stablecoins and how to support their development.” Oakes also acknowledged that there are security challenges in the realm of NFTs and stated that the company is working on solutions.
Mastercard partnered with Coinbase last month to allow non-crypto users to buy NFTs with their credit cards without first setting up a wallet and purchasing Ethereum (ETH). This simplifies the purchase of NFTs in the Coinbase NFT marketplace for crypto beginners who want to use their fiat.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.