Mastercard strengthens its cross-border payment network

Mastercard has partnered with R3 blockchain to develop a cross-border payment solution. According to the press release of Mastercard, the two companies intend to test a new cross-border payment solution based on the blockchain. It seems that the system will focus on connecting infrastructures, systems and banks worldwide with faster payments.

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1 Major interest from Mastercard for Blockchain

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The partnership is part of Mastercard’s plans to strengthen its cross-border payment network, which began with the acquisition of global payment company Transfast earlier this year.

Mastercard has tested multiple solutions to facilitate customer funds transfers, aiming to offer them more options.

Mastercard Executive Vice President for New Payment Platforms, Peter Klein, said:

“Developing new and better solutions for cross-border B2B payments by improving worldwide connectivity is essential for Mastercard’s ambition. Our goal is to provide the choice and global connectivity of payment infrastructure, as demonstrated by our recent acquisitions and strategic partnerships, including our relationship with R3. “

The partnership is based on previous relationships between the two companies. Earlier this month, Mastercard joined R3’s Marco Polo network for commercial financing.

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Major interest from Mastercard for Blockchain

Also, Mastercard showed interest in the crypto space in August, when the company published employment announcements for specialists in the development of blockchain and cryptocurrency products.

At that time, it was speculated that the intention is to develop its own wallet to be used in the future Libra network.

The payment processor is also one of the members of the Libra Association, a consortium set up to govern the Libra stable cryptocurrency project.