Mastercard stated on Tuesday that it is expanding its consultancy services to assist businesses and institutions in better understanding the rapidly changing digital asset and financial world. The organization aims to employ 500 college graduates and young professionals to support the new initiatives.
According to the news release, the business aims to make it easier for banks and merchants to use digital assets such as cryptocurrencies and NFTs.
NFT and digital currency risk assessment will be among the new consulting topics, which will aid in the formulation of effective strategies for crypto credit cards and crypto loyalty programs.
Mastercard to lend help to banks to adopt digital currencies
“Payments are just the beginning,” says Raj Seshadri, Mastercard president of Data & Services. He added,
“Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel, and other sectors, helping them understand and navigate every challenge and opportunity thrown their way. This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.”
Mastercard is a technology-driven company that is also renowned as one of the world’s largest credit card payment companies. It has shown keen interest in digital currencies as the next great force in payments. Cryptocurrencies have proven popular since they are often speedier and less expensive than traditional payment methods.
While Mastercard has accepted and embraced these advancements, the corporation has stated that it is now prepared to assist businesses of all sizes who are considering a move or integration into digital currencies in general. It claimed it would emphasize these advisory services and their broad reach to individuals who required them in various ways.
Open banking might make it simpler to move money across banks, better match customers to financial products, and offer better loan conditions based on more complete reports of customers’ financial status. Thanks to a linked financial network, it might also imply more excellent fraud monitoring for small enterprises.
It is, however, not without risk. According to FICO, this might increase the risk of data breaches and insider threats such as data-screen scraping. Mastercard’s previous involvement in the digital currency ecosystem has included assisting banks and central banks in adopting digital assets.
Notably, a Mastercard solution is used by several Central Banks across the globe in the design and deployment of CBDCs, allowing these apex banks to test all potential situations before going live.