Mastercard are notoriously one of the worlds biggest payment providers and thus, wealth’s of the crypto-community dream that one day, Mastercard will allow for cryptocurrency payments and transfers. It’s a step towards instant adoption. Whilst this seems unlikely now, as the industry grows, you never know what might happen as cryptocurrency becomes an ever more attractive concept.
According to DIgitaltrends.com, Mastercard are looking towards not Bitcoin specifically, but blockchain technology to help combat a number of security issues that arise when using physical cards in machines such as card readers and ATMs. A problem with these devices, known as ‘skimming’ occurs when malicious devices are placed within ATMs and card readers that in turn lift private details from the card, which can then be sold or used to steal funds from the card.
According to Digitaltrends.com, Arran Stewart, a blockchain expert from Job.com has said:
“Every year, billions of dollars are stolen through identity theft and skimming credit cards. Utilizing blockchain technology, Mastercard will be able to eradicate many of the fraudulent activities that happen through the abuse of their card services.”
See the full article for yourself, here-
Mastercard are now alleged to be looking into placing customer credit card details onto the blockchain, which in turn will allow payments to be verified in a more secure way. The idea aims to use encrypted physical images of the cards to ensure that payments are secure and valid, this would mean that even with card details stolen through a skimming device, only legitimate payments through a legitimate payment device could be authorised It’s quite a complicated concept at the moment, but I guess that’s why this is still just an idea, and nothing more.
Digitaltrends.com have also discussed another new development that is seeing Mastercard dips its toes into the blockchain:
“Mastercard has developed a platform that would let travellers to plans and personal information privately, and then reap the reward of finding the best deals for their trip.”
Moreover, according to Stewart:
“Mastercard has recognized the value in the travel industry and are providing a platform that allows holidaymakers/travel seekers and others to tell the tourism world where they wish to go privately through blockchain encryption. Airlines, travel companies, hotels and many others will be able to bid to offer that user the best possible price and service over other competing bidding providers, all powered on Mastercard’s blockchain.”
Of course, it is only a matter of time before we see Mastercard and rivals Visa really enter the blockchain and cryptocurrency world as major players. Its an industry they can’t simply just allow to slip by, as major financial players, they are responsible for locating and utilising new technologies or ultimately, they risk losing customers, at the end of the day, these are the people that keep their whole project going and thus, these are the people that need to be kept content.