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Mastercard announces a new blockchain payment system

Can blockchain technology disrupt the global payment system? Is Bitcoin the future of money? And if so, how can we position ourselves to benefit from these trends? These are questions that large companies like Mastercard and Square seem to be asking themselves. These financial innovators are taking steps to prepare their companies for competition and success in a world with cryptocurrencies.

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Mastercard and Square partner to bring small business events to New York City and Los Angeles. Thus, it’s a battle of growth and consistency between these two financial services companies.

Strategic partnership with R3

Titan Mastercard is working with R3. This is a blockchain technology company that develops a new cross-border payment system. The blockchain-based solution will connect a faster payment infrastructure with banks supported by Mastercard’s clearing and settlement network.

Furthermore, “All institutions – large and small – rely on the ability to send and receive payments. Mastercard and R3 hope to alleviate these problems. Although it delivers a unique smooth real-time payment promise.

“The development of a new and better cross-border B2B payment solution by improving global account-to-account connectivity. It is critical for Mastercard,” said Mastercard CEO Peter Klein.

This picture shows a couple holding each other's hands.
Mastercard announced a strategic partnership with R3. (Source)

International blockchain payments in the network

Mastercard processes and clears international payments in the network. Meanwhile, R3 will connect its Corda Enterprise Blockchain platform to Mastercard’s payment infrastructure. Additionally, R3 says that “more than 300 of the world’s leading financial services companies have already joined the Corda ecosystem. Technology companies, central banks, regulators and trade associations are also on the list.

“Corda software has a special design for such enterprise use cases. We look forward to helping Mastercard deliver block-chain payments to businesses around the world,” said Rutter.

Square focus on blockchain technology

Square is one of the fastest-growing companies that has become the face of the mobile payments industry in many ways. Thus, the company also wants to help build Bitcoin’s ecosystem. Financial services company Square founded Crypto. It is a small, elite team of crypt developers to implement projects that help improve Bitcoin’s software. Also to strengthen the network.

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Also, the company announced that it had hired three new team members: Valentine Wallace, Jeffrey Czyz, and Arik Sosman. This all happened on 19 September. Wallace worked at Lightning Labs, a blockchain technology company focused on developing scaling solutions for Bitcoin and other cryptocurrencies.

Czyz previously worked at Google and Sosman contributed to the Libra project, Facebook’s digital currency. Square said that the new hires complete his “first development team”, although he is still looking for a senior designer.

Moreover, Square has a thrill to bring his team of crypto cracks to the start. The company is actively promoting project ideas from the crypto community. “We want to hear from you about open-sourcing,” the company said on Twitter. There is no project that we would not consider as long as Bitcoin improves it or increases its prospects.

This picture shows people working on a blockchain project.
Square wants to help to build Bitcoin’s ecosystem. (Source)

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(Featured image by Square via Unsplash)

First published in fool, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.

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