Mastercard’s Principles for Blockchain Partnerships

Mastercard’s Principles for Blockchain Partnerships
17.10.2019 05:12 am

Mastercard’s Principles for Blockchain Partnerships

Cryptocurrencies

Not a day goes by without a headline on cryptocurrency, distributed ledger and blockchain initiatives. This technology has undisputable potential and Mastercard, in line with our history of leaning into emerging tech to advance cash displacement and financial inclusion, has been working on blockchain related use cases for several years.

Following our withdrawal from the Libra Association membership process last week, we’ve received a great deal of interest in understanding how we evaluate technologies, programs and partners that have the potential to evolve the payments industry and enhance the value we can deliver. We thought it useful to share.

We strongly believe that for digital currencies to become trusted payment instruments for consumers or businesses, it is essential that they offer stability, regulatory compliance and consumer protections.

Many of today’s 2,600 digital currencies today fail to do this.

Having operated multiple secure, safe, scalable payment networks around the world for many years, Mastercard is committed to bringing that experience to emerging blockchain networks and digital currencies. Our participation in these initiatives are guided by the same principles we apply to our own networks. They must:

  1. Provide strong consumer protection, including privacy and security of the consumers’ information and transactions;
  2. Deliver a level playing field for all stakeholders, including but not limited to financial institutions, merchants, and mobile network operators to contribute and benefit from the blockchain networks; and
  3. Operate in full compliance with all applicable laws and regulations, including those applicable to anti-money laundering, and consistent with the economic systems of the countries the network operates in.

We believe in the transformative power of blockchain. We hold the third largest number of blockchain patents and patent applications, and from our provenance solution to commercial payments, our exploration of blockchain applications span our entire business ecosystem. And with several other public and private sector crypto initiatives also in progress including our partnership with R3 focused on cross border transactions, we will maintain true to our principles as we strive to expand financial inclusion and boost global prosperity.

Related News

Civic and Coincover Announce the First-of-its-Kind Crypto Wallet With a $1 Million Protection Guarantee

Civic Technologies, a leading innovator in digital wallet solutions, today announced that Civic Wallet is the first and only crypto wallet to offer a $1 million (USD) digital... Read more »

Itiviti and Gemini to offer NYFIX connectivity for cryptocurrency customers

Itiviti, a leading technology and service provider to financial institutions worldwide, today announced that Gemini Trust Company, a next generation cryptocurrency exchange and... Read more »

Cybersecurity enables digitalization of the housing market

The DIAS platform, built by a Finnish technology startup Tomorrow Tech, and audited by cybersecurity company Nixu, enables digitalization of the housing market in... Read more »

Blockchain.com Becomes First Major Crypto Platform to Enable Users to Borrow USD with Crypto

Blockchain.com, the leading provider of cryptocurrency products including the most popular crypto wallet, has launched Borrow, a new product offering for users to borrow USD-... Read more »

Nogle Invests $3m in First Digital Trust

Hong Kong-based digital asset custody firm First Digital Trust has scored a $3 million investment from Taiwanese venture studio Nogle.

Spun out from FS firm Legacy Trust... Read more »

OKCoin Appoints Hong Fang CEO

OKCoin, a leading fiat-focused digital asset exchange with service in 184 countries, announced today that CEO Tim Byun has been appointed as Global Government Relations Officer... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel