On Tuesday, Mastercard announced the expansion of its consulting services to help organizations and institutions better comprehend the quickly changing digital asset and financial landscape. To support the new programs, the organization is aiming to hire 500 college graduates and young professionals.
MasterCard extends consulting services to cryptocurrency, new financial technologies, and open banking
According to the news release, the company aims to make it easier for banks and merchants to use digital assets such as cryptocurrency and NFTs.
NFT and digital currency risk assessment will be among the new consulting topics, which will aid in the formulation of effective strategies for crypto credit cards and crypto loyalty programs.
“Mastercard has created partnerships with digitally native enterprises that offer best-of-breed solutions in cryptocurrencies and has assisted fintechs in expanding into new markets, working through go-to-market planning and commercialization strategies,” according to the statement.
Given how aggressive Mastercard has been about its bitcoin support, the announcement is unsurprising.
Mastercard CEO Michael Miebach stated on the company’s fourth-quarter earnings call that the company will continue to assist the cryptocurrency ecosystem in 2022. He also announced a cooperation with Coinbase that will allow people to buy NFTs without first having to buy Ethereum (ETH) or having a digital wallet. Customers using Mastercard will most likely be allowed to do so after Coinbase launches its NFT marketplace, though no date has been set.
Open banking, which involves financial institutions and third-party financial service providers providing access to clients’ financial data, is another growing business in the United States. Some cryptocurrency exchanges, such as Coinbase, use open banking to enable linking a bank account with the exchange easier.
Mastercard wants to leverage its “data-driven insights, consultancy, and product development services” to assist businesses incorrectly using open banking and establishing practical strategies.
“This shift in consulting is in response to the changing environment and our changing industry. It’s all about assisting clients in navigating today’s difficulties while also anticipating the future “In a press statement, Raj Seshadri, President of Data & Services at Mastercard, stated.
Open banking could make it easier to move money across banks, better match customers to financial products, and offer better loan conditions based on more complete reports of customers’ financial situations. Thanks to a connected financial network, it might also mean greater fraud monitoring for small enterprises.
It is, however, not without risk. According to FICO, this could increase the risk of data breaches and insider threats such as data-screen scraping.
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