Mastercard launches its own blockchain payments network

By on November 30, 2017

mastercard.com

Credit card giant Mastercard (NYSE:MA) has announced its own blockchain network that will enable associated banks, venders, and merchants to make cross-border and cross-currency payments faster and more securely.

The financial services company has spent the last 3 years developing its own version of the bitcoin technology which eliminates many human administrative tasks. Mastercard recently released its API to associate developers previously cleared by the company.

According to Fortune, “Mastercard’s blockchain operates independently of a cryptocurrency, and instead accepts payments in traditional local money.”

How It Benefits Mastercard

• Transfers – Quickly transfer money between 2 singular banks saving $100’s millions in fees.
• Privacy – Blockchains provides privacy, details are only shared with participants.
• Security – Blockchains keep outside parties at bay with the use of Authentication Keys.

How It Benefits The Consumer

• Speed – Faster transactions and faster settlements so there are no delays in account balances.
• Security – Blockchains keep outside parties at bay with the use of Authentication Keys.
• Vehicle service history enables vehicle owners and authorized dealers to share vehicle information privately.
• Lower Fees – Fewer banks/merchants in a financial transaction means lower costs which, in theory, lead to lower fees.

(sources: Computerworld | Fortune | Mastercard )

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