One of the world’s leading online payment platform Mastercard is looking to expand into blockchain with the employment of 175 new blockchain technology developers and specialists.
The Ireland-based company disclosed that the new employees will work from Leopardstown where its Research and Development (R&D) facility Mastercard Labs is located. The new blockchain specialists will design systems to make payment through the Mastercard platform more efficient.
Mastercard is introducing a new set of payment tools based on the blockchain system, the system was first revealed in 2017. According to the country manager in Ireland, Sonya Geelon, the company is expanding banks and merchant’s access to its financial services.
Sonya Geelon in a press release further explains that “[they’re] driving projects that promote financial inclusion at home and abroad, and are working to provide consumers, businesses, and governments with the most innovative, safe and secure ways to pay.”
Adopting Blockchain Technology in Online Payments
Fintech, particularly payment solutions, seems to be the biggest beneficiary of blockchain and digital ledger technology so far. This is not the first time Mastercard is looking to harness the functionalities of the blockchain technology. In 2017, the company announced that it would be working on a Business-to-Business (B2B) transactions powered by blockchain to enhance cross-border payment challenges like speed, transparency, and cost.
The new blockchain powered payment system is aimed targeted at smarts contracts and payment settlement process, the company blockchain lead Justin Pinkham revealed that Mastercard was looking for partners to collaborate with on the project.
Speaking on the blockchain powered payment system Ken Moore, Mastercard Labs’ executive vice president, disclosed that, “By combining Mastercard blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale.”
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.
