It seems the traditional finance sector is merging with financial technologies further. Another payment giant, Mastercard, is expanding its cryptocurrency program to support massive adoption and craft innovative experiences in the blockchain field.
MasterCard Incorporated, an American global financial services firm and a payment processing giant, has recently declared some important principles for its work with groundbreaking innovations including blockchain technology.
The Facebook Libra cryptocurrency project is constantly losing the backing of mainstream giants. The latest businesses to quit cooperation with this digital currency include Visa, Mastercard, eBay and Stripe following suit after Paypal announcement to quit cooperation as regulators move on with scrutinizing Libra.
On Friday September 13, MasterCard Incorporated, an American multinational financial services corporation based in New York, United States, announced its partnership with enterprise blockchain tech company R3 to design distributed ledger technology (DLT)-based international and transborder payments.
The world’s giant financial and payment card firms Visa Inc. and MasterCard are trying to form a specialized team of digital asset experts or invest in venture firms, particularly in creating their private wallets. Mastercard Incorporated is seeking for professional blockchain engineers plus many other executives in the employment unit of its official website.
Mastercard Incorporated, the United States based cosmopolitan financial services company with its headquarters in New York, is hunting for around 28 cryptocurrency and blockchain professionals in order to help strengthen its team within the distributed ledger technology (DLT) field. They are ready to hire a wide range of blockchain experts including many senior roles, as the corporation are proposing to be intense on creating digital asset and wallet products. Mastercard deals in services such as offering credit, prepaid and debit card payment services to its massive clients in over 26,000 financial institutions globally.
There is a common misconception among foreigners to the crypto ecosystem that the criminals use blockchain technology because of the privacy feature it grants them. Though this seems not completely right. Several public blockchain technologies are highly fictitious and imaginary and anyone could with ease see another person’s transaction chronicle on the distribution ledger technology (DLT).
One day, it will be possible for all consumers to charge their purchased items on their charge card or credit cards using cryptocurrencies such as bitcoin. Mastercard won a patent on July 17 to bergh a method that would properly manage "fractional reserves of all blockchain currency." At this moment in time, all Mastercard bearers can only pay for items using official currency the government has announced as legal tender, said the Mastercard's Senior Vice President for communications, Seth Eisen.
The US Patent and Trademark Office (USPTO) has announced a patent application from Mastercard for a system and method that uses blockchain technology for payment card verification at the point-of-scale (PoS). Mastercard filed this patent in December 2016.