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Mastercard Goes Blockchain for Cross-border Payments

Image result for mastercard office

Western Union may not like this - credit card giant Mastercard is working with blockchain startup R3 on a pilot program to speed up cross-border payments. Yes, this is not remittance which WU does but nothing stops Mastercard adding that easily. It can easily make the API available to its partners.

Mastercard and blockchain software provider R3 have collaborated to develop a cross-border payments platform.

The pilot will focus on connecting global faster payments infrastructures, schemes and banks. The blockchain solution will also be supported by a clearing and settlement network operated by Mastercard.

Furthermore, the two companies hope this will be the latest step in Mastercard’s multi-rail strategy to offer customers unrivalled choice.