Mastercard was one of the first to experiment with blockchain technology and developed his own version 7 years ago.
It is one of the most used payment circuits in the world for the regulation of transactions, accepted in more than 200 countries; This brand is used by some 25,000 financial institutions to issue payment instruments and services, such as credit, debit and prepaid cards.
It is currently the third largest patent holder in the world based on blockchain applications, just after Alibaba and IBM.
The Mastercard blockchain It is licensed and developed specifically to create an infrastructure to support the new payment system for cross-border financial transactions designed for B2B solutions, such as interbank transfers in different currencies.
In order to develop its blockchain-powered platform to provide banks and businesses with the ability to conduct cross-border transactions in a faster, safer and more economical way than the traditional system, Mastercard has partnered with R3 Corda. This has combined his high level of experience in developing blockchain-based solutions with Mastercard's existing network and payment systems.
In addition, in 2018 it launched a project called Mastercard Track in collaboration with the Microsoft Azure cloud service, an innovative solution for B2B payments that allows you to track each transaction, outgoing and incoming, designed for buyers and suppliers, who can adapt the payment terms according to your type of business.
This has led to several important partnerships, such as that of the platform. Marco Polo, founded by R3 and TradeIX and developed on a blockchain network that drives financial exchanges, to which Mastercard Track has provided an access point for its working capital.
The platform already operates with a turnover of approximately $ 1.5 billion and is working to provide increasingly accessible and strategic solutions in the field of financial relations.
Crypto companies using Mastercard
Regarding third-party platforms that have adopted Mastercard technology in line with their business model, among the most recent is Bitwala, a cryptobank solution that allows you to buy, exchange and store the main cryptocurrencies. It currently offers wallets for Bitcoin and Ethereum only.
Each account can be associated with a debit card based on the Mastercard It can be used to make payments at points of sale or to withdraw money at ATMs.