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November 29, 2022

On the web

Mastercard Files for Another Web3 and Crypto Trademark


“You are mistaken if you believe that the crypto winter has kept investors away from the DeFi Market. Web3 is the new battleground for the majority of businesses as they strive to establish their presence. Mastercard is not an exception, as the corporation submitted an application for yet another active trademark on Monday. The focus of the upcoming operation is on cryptocurrencies. Mastercard is rapidly expanding within Web3, with a focus on cryptocurrencies in particular. Monday, trademark attorney Michael Kondoudis announced the new trademark on his Twitter page. Mastercard’s most recent effort in this regard was filing a trademark application for crypto-related security services. The “Mastercard Crypto Secure” application was submitted to the US Patent and Trademark Office on November 22. This filing follows those trademarks the financial behemoth submitted in April to enter the metaverse and adopt NFTs. Following this, the financial entity began cooperating with NFT markets and Web3 providers to enable users to make NFT purchases using their Mastercard cards.”

On the wires

Mastercard Brings The Belle Block™ to Latin America and Caribbean to Educate and Empower Women in Web3 and Crypto

PR Newswire

“Mastercard introduced The Belle Block™ in Latin America and the Caribbean (LAC), during the 11th edition of the Mastercard LAC Innovation Forum. The Belle Block™ is a community launched in June 2022 to educate and empower women and non-binary individuals to benefit from Web3 technology and crypto. This expansion to the region comes in partnership with WAGMI LatAm, an education initiative aimed at bringing 5 million Latin women into Web3 by 2030. Mastercard believes in the power of technology and its ability to build a better future that includes everyone. This new group focuses on delivering on key building blocks: Business Growth, Education, Leadership, Legal & Regulatory Advocacy and Entrepreneurship.”

November 9, 2022

On the web

J.P. Morgan and Mastercard Modernize Account-Based Payments with Innovative ‘Pay-by-Bank’ Solution


“Cash, check or charge? How quaint. The way we move money — and what we consider money — has changed dramatically over the last decade. The use of cash is declining, and personal checks are largely on life support. Consumers are looking for greater choices like mobile payments, crypto wallets, and person-to-person payment apps, which are taking their place alongside staple payment methods like cards and bank-to-bank ACH payments.   But technology is transforming even as consumer expectations for seamless payments rise. The latest twist on ACH payments— which account for trillions of dollars of volume each year and continues to grow — is the application of open banking technology and makes the process even simpler and more secure.  Launched by J.P. Morgan Payments and Mastercard, Pay-by-Bank is an ACH payment that uses open banking, which enables consumers to permission their financial data to be shared seamlessly between trusted parties to let them pay bills directly from their bank account with greater security. No longer will they be faced with the tedium of typing in routing and account numbers each time they need to pay a bill. For billers and merchants, it automates consumer onboarding and reduces the risk and cost of storing bank account information.”

November 8, 2022

On the web

Mastercard’s CEO Explains When Cryptocurrencies Will Become Mainstream


“Michael Miebach – Chief Executive Officer of Mastercard – thinks it will take more time than expected for crypto to become mainstream. However, he is optimistic that the asset class will become much more attractive to people once watchdogs impose appropriate regulations. In a recent interview, Mastercard’s CEO outlined that an increasing number of investors want to delve into the cryptocurrency market. The payment services giant allows them to do so “as easy and more importantly as safe” as any rival company, he added. Miebach sees a future world where most consumers across the globe use bitcoin in their everyday transactions and settlements. Nonetheless, he believes this will not happen in the upcoming months: “I think it’s a long way to go before crypto becomes mainstream.””

November 3, 2022

On the web

Mastercard: Scaling Crypto Innovation, from Blockchain-Based Media to Web3 for Emerging Markets and Beyond


“Seven startups from around the world seek to champion innovation through the Mastercard Start Path program: There is no single vision for the crypto economy other than anyone who uses crypto should be able to do so simply and safely. For Mastercard, it’s about offering choice in how people pay, spend and buy crypto. Our role is to provide a best-in-class user experience and scale to offer this choice. NFTs, blockchain gaming and metaverse experiences could transform how consumers shop and communicate, however we need to collaborate and bring together tech, banking, fintech and crypto to unlock this potential…Through the Mastercard Start Path global startup engagement program, we work with digital asset, blockchain and cryptocurrency-based companies that share a vision to make blockchain technology and digital assets more accessible. These companies are making strides to bridge the gap between Web2 and Web3 and meet consumers where they are today. We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.” Companies: Digital Treasures Center (DTC) [Singapore]; Fasset [Abu Dhabi]; Loot Bolt [U.S.]; Quadrata [U.S.]; Stable® [Colombia]; TBTM (Take Back the Mic) Studios [Dubai]; Uptop [U.S.]”

November 2, 2022

On the web

Payments Platform StraitsX to Show Real-World Stablecoin Use at Singapore Fintech Festival


“Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival. StraitsX has partnered Mastercard, IDEMIA, The HBAR Foundation, and Carbonseed.Earth to explore advantages of stablecoins such as higher payment efficiency, financial inclusion and energy-efficient transactions.”

On the wires

McAfee Unveils Partnership with Mastercard to Offer US Cardholders Online Protection Software

“Today, McAfee Corp., a global leader in online protection, announced an exclusive partnership with Mastercard, a global technology company in the payments industry, to offer Mastercard personal and small-medium size business cardholders access to award-winning online protection solutions. In 2021, 83% of organizations reported experiencing phishing attacks, a 46% increase over 2020, and a number that is expected to grow in 2022. Mastercard is dedicated to connecting and powering an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Providing Mastercard cardholders with the tools to help combat growing security threats is one of the many steps towards combating bad actors and stopping damage from major breaches before they do lasting harm. McAfee offers for Mastercard US cardholders are…”

October 25, 2022

On the web

Mastercard Users Can Now Use Rewards Points in Gaming (APAC)

ChannelLife New Zealand

“Mastercard has launched Mastercard Gamer Xchange (MGX), allowing APAC consumers to convert their rewards points into gaming currency. It says the MGX platform is the world’s first conversion engine that allows consumers to convert unspent rewards points into gaming currency across nearly 4,000 gaming titles. Mastercard says it works through a simple API integration on the loyalty platform, allowing fast and seamless redemption. The company says with COVID-19 and its accompanying restrictions affecting once regular activities such as shopping, travel, and dining, people have increasingly turned to alternative avenues of entertainment such as gaming to satisfy their need for richer and more diverse experiences. Simultaneously, Mastercard says consumers have been constrained by their inability to redeem their accumulated rewards points, triggering a sense of dissatisfaction amongst them while also posing a significant financial liability for loyalty program owners. The company says MGX presents itself as an intuitive, innovative, and intelligent solution that addresses this gap in the ecosystem.”

NBB Collaborates with Mastercard to Launch 100% Recycled Cards

Middle East/Africa Hub

“The National Bank of Bahrain (NBB) has recently announced its shift to 100% recycled plastic cards in partnership with Mastercard. This long-term initiative is part of the bank’s ongoing efforts to embed environmental sustainability within its daily operations. In addition to the bank’s continuous strides towards implementing ESG practices, NBB will now produce all of its credit and prepaid cards with 100% recyclable material to reduce the bank’s environmental impact, plastic waste and pollution. The recent initiative will be implemented on all newly procured cards in line with NBB’s commitment to responsible banking. Through the partnership, NBB aims to decrease its annual production of plastic after studies revealed that around 6 billion payment cards are produced annually and replaced every 3 to 5 years, resulting in an increase in harmful landfill waste across the world.”

October 24, 2022

On the web

Visa And Mastercard Need Solid Layer-2 Infrastructure To Process Payments In The Metaverse


“The future of Visa and Mastercard may reside in the Metaverse. Both payment processing giants have made inroads in the virtual world, even though they may not use Ethereum for a broader rollout. In addition, other scalable networks provide viable opportunities to process payments for the Metaverse.  Everyone is paying attention to Web3 and where that technology will lead us. Some expect a big virtual world that breaks down the barrier between digital and real-world life. Others see it more as an entertainment space where they can hang out. Regardless of the vision, there will be a need to process payments. Moreover, not all payments need to be in cryptocurrency, either. Both Visa and Mastercard acknowledge the underlying potential of the Metaverse. Although these companies combine for over $17 trillion in payment volumes, there is always room for future growth. Exploring opportunities in the virtual world is the next major frontier for both providers.  Mastercard has already made inroads in the Metaverse with its Pride Plaza teleporter. It is established in Decentraland through a partnership with Decentral Games. Such an advertising partnership brings much attention to the brand being onboard and Decentral Games and how they tackle Metaverse growth. Additionally, all advertising revenue from this deal is used to buy back $ICE tokens and take them out of circulation.  Visa has taken a slightly different route. The company is cautiously exploring cryptocurrencies through its partnership with Crypto.com, one of the biggest household names in the cryptocurrency segment. Making it easier for consumers to use and spend cryptocurrencies is critical. More importantly, these cards work through existing payment rails while adding utility to the crypto industry.”

October 17, 2022

On the web

Mastercard to Bring Crypto Trading Capabilities to Banks


“Mastercard today introduces Crypto SourceTM, a new program to enable financial institutions to bring secure crypto trading capabilities and services to their customers. The 2022 Mastercard New Payments Index reported that 29% of respondents globally hold cryptocurrency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution.* In partnership with regulated and licensed crypto custody providers, Mastercard’s financial institution partners will gain access to a comprehensive suite of buy, hold and sell services for select crypto assets, augmented with proven identity, cyber, security and advisory services. This Crypto Source offering is complemented by Mastercard Crypto SecureTM to bring additional security to the crypto ecosystem and support card issuers in their compliance with complex regulations. Now, Mastercard’s suite of crypto-related offerings for banks and fintechs includes…”

Visa, Mastercard Under Fresh FTC Investigation Over Debit Card Routing – WSJ


“The U.S. Federal Trade Commission is investigating whether Visa Inc and Mastercard Inc’s security tokens restrict debit card routing competition on online payments, the Wall Street Journal reported on Monday, citing people familiar with the matter. The credit card giants are already being probed by the Commission for allegedly blocking merchants from routing payments over other debit card networks, the report said.  The FTC has expanded its focus in recent months to examine whether the companies’ security technology, which replaces sensitive account information with a unique digital identifier called a token, further stifles processing debit card transactions on rival networks, the report said.”

October 14, 2022

On the web

Mastercard Focusing on 5 Key Areas to Turn Crypto Into ‘an Everyday Way to Pay’

Bitcoin News

“Mastercard highlighted on Wednesday five different areas it is working on in order to “turn cryptocurrencies into an everyday way to pay.” Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard, explained: “Digital assets like cryptocurrencies and central bank digital currencies [CBDCs] have the potential to transform the financial system’s infrastructure.” He added that non-fungible tokens (NFTs), blockchain gaming, and metaverse experiences “could change how consumers shop and communicate.””

October 11, 2022

On the web

Data Analytics and Artificial Intelligence are Expected to be the Top Technologies Driving the Growth of Fintech, Finds Mastercard Study (Middle East & Turkey)

Middle East/Africa Hub

“Data analytics and artificial intelligence (AI) are the top technologies of the Fourth Industrial Revolution that are powering fintech solutions, found a Mastercard study on the state of fintech in the Middle East and Turkey markets*.  The white paper titled ‘The Future of Fintech: Smart, Scalable, Collaborative’ was released during Fintech Surge in GITEX Global 2022, one of the leading technology events in the Middle East. Mastercard is a Strategic Sponsor of Fintech Surge where senior global and regional executives are speaking at multiple panel discussions, fireside chats and presentations.”

October 10, 2022

On the web

Mastercard Launches Quantum Computer-Proof Contactless Card

Tech Monitor

“Financial services giant Mastercard has developed a new type of contactless card that incorporates quantum cryptography, designed to protect against hacks from current classical computers and future quantum computers. The enhanced contactless card uses standards recently revealed by finance industry technical body EMVCo known as “the EMV Contactless Kernel Specifications” that work with all existing payment terminals while also providing higher levels of security that are also “future proof”. When quantum computing technology reaches a point known as quantum supremacy, where the machines can perform near errorless calculations impossible with classical computers, it will also render current cryptography solutions simple to crack, meaning specific quantum security will be required. Experts expect this point to be reached by 2025-2027.    Mastercard says its new card is a “significant milestone that brings quantum-era security and privacy protection to contactless payments”. It will come with next-generation algorithms and cryptographic keys that have been designed to be fast, ensuring a contactless payment happens in under half a second, according to payment vendor, along with enhanced privacy protections to reduce the amount of account information shared between the consumer device and merchant terminal.”

October 6, 2022

On the web

Uber Partners with Mastercard, Marqeta, and Branch to Launch New Uber Pro Card, Offering Faster Payments and Fuel Rewards for Drivers


“Uber drivers, couriers to get up to 10% cashback on gas; 12% on EV charging Uber today announced a new partnership with Mastercard, Marqeta, and Branch to power the Uber Pro Card, an enhanced loyalty and payments experience that will help drivers and couriers save on gas, fees, and other expenses. Built for drivers and couriers, the Uber Pro Card offers customized perks including up to 10% cashback on gas and up to 12% on EV charging.”

October 4, 2022

On the web

Mastercard Adopts New Tool Against Crypto Fraud

The Cryptonomist

Mastercard has announced that next week it will launch an innovative new system to combat cryptocurrency fraud, which is also becoming increasingly common on its payment circuits. The new system, which will be called Crypto Secure, has the ability to visually assess the risk associated with a given transaction through artificial intelligence and data on the chain, allowing card issuers to decide on the necessary actions.

The service will be built with the help of CipherTrace, a blockchain security startup acquired by Mastercard last year. This announcement goes in the direction imposed by many European and US government authorities who see the growing phenomenon of cryptocurrency fraud as a worryingly increasing danger.

September 30, 2022

On the web

Speedchain Partners with Mastercard to Modernize Commercial Debit and Credit Payments

EIN News

“Speedchain Inc., a fintech focused on revolutionizing business to business commerce via its connected data platform, today announced a multifaceted partnership with Mastercard. Leveraging Mastercard’s network and innovative payments technology, Speedchain member organizations of all sizes can experience modernized ways to pay by connecting virtual purchasing cards to the Speedchain platform and leveraging Mastercard rails for vendor payments. Speedchain members can now connect Mastercard virtual cards to the Speedchain B2B SuperApp, which is designed to offer improved payment security, enriched data, and enhanced user experience for vendors through its reporting, cash management and threat detection capabilities.     Speedchain helps public and private sector enterprises pay in real time, detect and prevent fraud, and manage efficiencies for a streamlined payment process. This partnership with Mastercard is a part of Speedchain’s journey to accelerate and add capacity to its platform, which has distributed over $1.6 Billion in both corporate and government sector transactions since 2021.”

Inswitch and Mastercard International Partner to Launch Embedded Payments and Issuing Programs Across Industries

PR Newswire

“Inswitch, a fintech technology company with focus on embedded solutions for banking and payments, and Mastercard International Incorporated have partnered to design and deliver digital payment solutions and issuing programs starting with selected countries across LAC. Inswitch will start issuing cards as a Mastercard principal member in Mexico, with plans to expand quickly to key markets in LAC and other regions in the future. This collaboration will allow the company to extend its value proposition by offering digital and physical Mastercard branded cards for a broad range of applications across industries: “Now our clients can issue branded cards to support different use cases: digital wallets, Buy now pay later, supplier payments, working capital for corporate expenses or cash management necessities; among others,” said Ronald Alvarenga, Inswitch’s CEO.”

September 29, 2022

On the web

Prophius Partners with Mastercard to bring Tap on Phone payments to Small Businesses in Sub-Saharan Africa

Middle East/Africa Hub

“Prophius today announced the launch of its PayContactless solution certified by Mastercard – a contactless acceptance solution that turns any NFC-enabled Android device into a physical point of sale. This move is expected to boost digital payment acceptance at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in Sub-Saharan Africa while supporting consumers’ preference for safe and seamless digital payment. PayContactless leverages Mastercard Tap on Phone, a simple and cost-effective digital payment technology developed for micro and small businesses and tradesmen who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices. The solution turns Android smartphones into secure payment acceptance devices for contactless cards, mobile wallets and even smartwatches — with no additional equipment or set-up costs.”

September 27, 2022

On the web

Chase, DoorDash and Mastercard Announce Partnership to Launch Credit Card


“Chase, the largest co-brand card issuer in the U.S., and DoorDash, the local commerce platform, today announced plans to launch the first-ever DoorDash credit card, with Mastercard as the exclusive payments network for the new card. The DoorDash Rewards Mastercard will allow cardmembers to unlock benefits and earn rewards on purchases both on and off the DoorDash platform… The DoorDash Rewards Mastercard is a World Elite Mastercard® and will offer customers rewards and perks to provide even more value, selection and convenience, including complimentary 24/7 concierge service and access to Mastercard Priceless® Experiences. The new co-branded card expands the current relationship between all three parties.”

September 26, 2022

On the web

Mastercard’s Ethoca Teams With ChargebackZero to Lower Chargebacks


“ChargebackZero is partnering with Ethoca, a Mastercard company, to help merchants minimize chargebacks, lower consumer transaction confusion, and share details of confirmed fraud and dispute information. As part of the integration, we would prevent chargebacks using an alert mechanism. These Chargeback alerts are like a warning signal of an impending chargeback. The alerts enable merchants to identify and resolve customer disputes via near real-time communication with the customer’s issuing bank. Businesses receive notifications through the ChargebackZero dashboard that combines multiple forms of alerts from various card issuers with unique Chargeback zero dispute management tools.”

September 22, 2022

On the web

Mastercard Partners with noqodi to Expand Digital Payment Acceptance Across UAE

Middle East/Africa Hub

“Consumers and businesses in Dubai will soon be able to make seamless and safe contactless payments for select government and private sector services, thanks to a strategic partnership between Mastercard and noqodi, a leading fintech company owned by emaratech Group, part of the Investment Corporation of Dubai. Noqodi’s digital omni-channel payments, including Tap on Phone, will be powered by Mastercard Payment Gateway Services (MPGS). Enabled by MPGS technology, customers can simply tap their card or device to make payments through a merchant’s phone. One of the foremost online technologies, payment solutions and consulting companies in the Arab world, noqodi provides fully automated payment services to merchants, promoting a cashless society. Offering its industry-leading global payment gateway technology for businesses of all sizes, partners and acquirers, Mastercard will become a trusted partner to noqodi, helping to strengthen its payment capabilities.”

September 1, 2022

On the web

Mastercard And Its Multi-Sensory Marketing Game

ET Brand Equity

“Mastercard leveraged all the five senses, from sight, sound, smell to touch and taste in its marketing game plan.  Mastercard shared insights on current marketing paradigm and reviewed multi-sensory marketing strategy which will affect the future marketing model during a recent marketing summit.”

August 26, 2022

On the web

Mastercard Follows Visa, Approves Zwipe Pay Platform for Biometric Cards

Biometric Update

“Norway-based Zwipe’s biometric payment card platform has passed a raft of Mastercard tests to win a key certification from the financial services firm. The Component Conformity Statement received by Zwipe means that its biometric platform, Pay, meets Mastercard’s security, reliability, functionality and performance standards. For Zwipe’s customers – smartcard makers – the certification means they can apply for Mastercard‘s approval for their own Mastercard-branded biometric payment cards using the Pay platform. This follows Visa’s similar certification for the Pay platform in March.”

August 24, 2022

On the web

Mastercard and LMKR Formalize Partnership to Accelerate Digital Transformation Across Pakistan

Middle East/Africa Hub

“Mastercard and LMK Resources Pakistan (Private) Limited (LMKR) have formalized a strategic partnership to oversee the implementation of the country’s first open-loop transit payment solution in a bid to further accelerate Pakistan’s digital transformation. The solution can be implemented through the country’s entire transit infrastructure, including rapid transit bus networks and e-tolling systems. The collaboration will allow commuters to top up and pay for transit fares through their debit and credit cards or digital wallets without the need to buy separate tickets.”

August 18, 2022

On the web

Can the Visa-Mastercard Duopoly Be Broken?

Yahoo Finance

“America is home to the heftiest interchange fees of any major economy—costs are an order of magnitude greater than in Europe and China. That largely benefits two firms: Visa and Mastercard, which facilitate more than three-quarters of the country’s credit-card transactions. Doing so has made them two of the most profitable companies in the world, with net margins last year of 51% and 46% respectively. Rank every firm (excluding real-estate-investment trusts) in the s&p 500 index by their average net-profit margins last year, five years ago and a decade ago, and only four appear in the top 20 every time. Two are financial-information firms, Intercontinental Exchange and the cme Group. The others are Mastercard and Visa.”

August 15, 2022

On the web

How Card Issuers and Merchants Maneuvered One Year of Mastercard’s Magstripe Phase Out


“Coming up on one year from the official announcement, retailers and card issuers rejoiced at Mastercard’s announcement that by 2024, issuers will no longer be required to use magnetic stripes on their credit and debit cards. In response to growing security concerns for storing customer credit card information on a magnetic stripe, EMV chip-based cards have cemented themselves as the new standard for storing sensitive account information and facilitating consumer transactions. Even before the rise of the magnetic stripe, engineers had long foreseen chip-powered cards as the future; only now is a post-magstripe world coming to fruition as credit card companies permanently phase out the dated technology.”

Mastercard Faces Retailer Backlash Over Installment Payments


“Mastercard Inc. is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments.  The payments giant has begun telling merchants and their banks that it will charge retailers 3% of a purchase price each time a consumer opts to use the new program, according to people familiar with the matter. Retailers will be automatically enrolled for Mastercard’s new buy-now, pay-later service, though they will have a chance to opt out.”

August 5, 2022

On the web

Binance and Mastercard Will Launch Prepaid Crypto Cards in Argentina


“Major crypto exchange Binance has partnered with Mastercard to launch a prepaid card for the residents of Argentina. In a Thursday announcement, Binance said the card will allow its clients in Argentina to use Bitcoin, BNB and other cryptocurrencies to make purchases as well as ATM withdrawals in fiat wherever Mastercard is accepted — roughly 90 million merchants globally and online. Argentine cardholders can also earn up to 8% back in cryptocurrency from certain purchases. According to Binance, the introduction of the card — expected to be “widely available in the coming weeks” — was part of the company’s efforts to further the global adoption of crypto.”

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