Mastercard Adds Crypto Consulting Service To Boost Crypto Adoption

Mastercard Adds Crypto Consulting Service To Boost Crypto Adoption

The business world is facing an influx of innovation: changing consumer preferences, rapid digital transformation, and geopolitical shifts.

To help businesses evolve and supercharge their growth enterprise-wide, Mastercard today announced that it is expanding its preeminent payments-focused consulting service with new practices dedicated to Open Banking, Open Data, Crypto & Digital Currencies, and Environment, Social & Governance (ESG).

For more than two decades, consulting has been a key part of Mastercard’s customer engagements, whether designing multi-rail payments strategies or advising on data governance opportunities.

Today, Mastercard’s Data & Services includes more than 2,000 data scientists, engineers, and consultants, serving customers in 70 countries around the world.

As part of growth plans, Data & Services—a talent incubator for the broader company—is expanding its team at pace, including the addition of more than 500 college graduates and young professionals.

Mastercard announced Tuesday the expansion of its payments-focused consulting service. Among the new practices is one dedicated to “crypto & digital currencies,” the company wrote.

Noting that it is “helping banks navigate the adoption of digital currencies,” the payments giant detailed:

Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.

“Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies,” the company added.

Moreover, the payments company “has helped fintech expand into new markets, working through go-to-market planning and commercialization strategies.”

Mastercard Adds Crypto Consulting Service To Boost Crypto Adoption

Mastercard Adds Crypto Consulting Service To Boost Crypto Adoption

Driving Consumer & Business Value with Open Banking

Open banking puts businesses and consumers at the center of where and how their financial data is used and furthers access to services they want and need.

To help businesses maximize open banking opportunities, our consultants use data-driven insights, advisory, and product development services, in alignment with Mastercard’s Data Responsibility Principles.

Mastercard recently worked with a major Eastern European banking group looking to provide new services to its consumers.

Their team helped them prioritize and prototype a multi-banking app that allows users to conveniently manage their accounts from different banks. The app is now live.

Helping Banks Navigate the Adoption of Digital Currencies

Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.

Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies and has helped fintech expand into new markets, working through go-to-market planning and commercialization strategies.

For instance, one focus 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, and drawing on deep expertise around payment systems, policy, and regulation, and governance. 

 Putting Purpose into Practice

Consumers are more socially and environmentally conscious of the products and brands they interact with than ever before.

Mastercard’s consultants are helping clients better understand what that means for their businesses, and then transform these insights into actionable strategies that bridge purpose and profit.

For example, Mastercard and a leading bank in Latin America joined forces with cardholders to combat climate change.

The collaborative approach designed by Mastercard empowered consumers to make a positive impact on the planet by restoring forests through the Priceless Planet Coalition, while also driving card usage.

More information on Mastercard consulting practices, as well as the practice leaders, can be found at www.mastercardservices.com.

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