Mastercard said its new practices would focus on such areas as crypto and digital currencies and ESG. The payment processor targets banks and merchants that need help when adopting crypto-enabled technologies and Non-fungible tokens (NFTs).
Mastercard’s payment-focused consulting service is rising to the occasion to meet consumer expectations in a business environment with fast-changing technologies. According to a press release by the firm, Mastercard is expanding its consulting business with practices dedicated to crypto.
In continuing its goal to pursue a spot within the crypto industry, the payments processor is beefing up its offerings to help clients leverage new opportunities while remaining compliant in a changing world. As per the statement, the financial institution aims to continue helping clients navigate the ever-changing world of finance and help them identify challenges and anticipate what is coming next. Mastercard’s Data & Services President Raj Seshadri stated:
“Payments are just the beginning […] 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.”
Mastercard hires 500 people
One area Mastercard plans to focus its guns on is helping central banks explore the design and deployment of a central bank digital currency (CBDC) using MasterCard’s testing platform, allowing them to research various scenarios before deployment. As a result, the company plans to expand its team and hire 500 people, mainly “college graduates and young professionals.” This big wave of recruitment will bring the division’s workforce to 2,500 people, essentially data scientists, engineers, and consultants. Seshadri added:
“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.”
As per the release, the newly created practice groups will ensure that Mastercard continues to deliver integrated solutions that bring “world-class thinking, services and tools and assets. The groups which include firms like Ciphertrace, Finicity and Aiia, Cyber Quant, and the Priceless Planet Coalition will enable MasterCard to drive smarter decisions with better outcomes across a customer’s entire business.”
Launching a wide range of crypto services
The range of consulting services that Mastecard offers through banks and merchants covers an array of what digital currencies can bring to the table. In addition to covering the basics, the offerings will include risk assessments and bank-wide crypto, non-fungible token (NFT) strategy, crypto loyalty programs, and more.
Mastercard has designed a collaborative approach that positively impacts consumers besides restoring forests through the Priceless Planet Coalition while also driving card usage. The firm recently joined hands with Coinbase cryptocurrency exchange to create Coinbase NFT, a marketplace that will facilitate the purchasing, selling, and displaying non-fungible tokens. The exchange also plans to collaborate with Mastercard “to support the crypto ecosystem with new tools for crypto wallets and cybersecurity protections.”