Yesterday, MasterCard officially announced the launch of a new payments-focused advisory service, specifically covering Open Banking, Open Data, Cryptocurrencies and Digital Currencies, Environment, Social and Governance (ESG).
The business world is facing an influx of #innovation. To help businesses evolve we have expanded our preeminent #payments-focused consulting service with new practices dedicated to Open Banking, Open Data, Crypto & Digital Currencies, and Environment, Social & Governance (ESG).
— Mastercard News (@MastercardNews) February 15, 2022
Mastercard embraces innovation
The company admits that the business world is changing a lot, with innovations generating rapid digital transformation to chase changing consumer preferences and geopolitical changes.
The aim of the new initiative is to help companies evolve and enhance their growth.
Mastercard has now been consulting for more than 20 years, both in designing multi-rail payment strategies and advising on data governance opportunities. Their Data & Services team now numbers more than 2,000 data scientists, engineers and consultants, and operates in 70 countries worldwide. In addition, this team is expanding at a rapid pace with the addition of 500 more graduates and young professionals.
Mastercard’s new crypto advisory service
One of the services they aim to offer is to help banks and vendors navigate the adoption of digital currencies.
This covers a range of capabilities from initial training and risk assessments, through crypto cards and the design of crypto loyalty programmes, to the development of bank-level crypto and NFT strategies.
To do this, the company has signed partnerships with digital native companies that offer cutting-edge crypto solutions.
One of the most ambitious goals of this project is to help central banks to explore the design and implementation of digital currencies (CBDC), using Mastercard’s testing platform. In this way they could simulate various scenarios before final implementation, drawing on the company’s deep experience in payment systems, policy and regulation.
Mastercard’s president of Data & Services, Raj Seshadri, said:
“Payments are just the beginning. Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way. This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next”.