Mastercard Enters B2B Market, Leveraging Blockchain Payment Tools

Mastercard Enters B2B Market

With hopes of diversifying its consumer base to banks and merchants, credit card giant Mastercard is pushing forward a set of blockchain payment tools first unveiled last year.

In an official press release, the company announced its collaboration with B2B tech transactions, as part of a bid to “address challenges of speed, transparency, and costs in cross-border payments.”

The credit card company first released its blockchain work in October 2016, detailing systems aimed at smart contracts and payment settlement processes. At the time, blockchain lead Justin Pinkham stated that the company was seeking collaborators to work with the company’s platform.

Now, the company is encouraging firms alike to begin utilizing blockchain APIs to settle transactions.

Mastercard Labs’ executive vice president, Ken Moore said: “By combining Mastercard blockchain technology without settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale.”

Further, Mascard also alluded to its efforts to seek intellectual property rights around its use of the tech, as well as its work with the Enterprise Ethereum Alliance on use cases “well outside the scope of Mastercard’s traditional payments environments.”

Featured Image: depositphotos/jurisam

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