Mastercard (MA) said Tuesday that it was expanding its payments-focused consulting service with new practices dedicated to crypto.
The new practices will focus on such areas as crypto and digital currencies, and environment, social and governance, or ESG.
"Payments are just the beginning,” Raj Seshadri, president of data and services, said in a statement. “Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way."
Mastercard said it has curated partnerships with digitally native firms that offer solutions in cryptocurrencies and has helped fintechs expand into new markets.
One focus is helping central banks explore the design and deployment of a central bank digital currency (CBDC) using Mastercard’s testing platform, allowing them to research various scenarios before deployment.
Mastercard therefore plans to expand its teams and will hire 500 people, "college graduates and young professionals." This big wave of recruitment will bring the division's workforce to 2,500 people, essentially data scientists, engineers and consultants.
Combatting Climate Change
Regarding ESG, Mastercard said its consultants are helping clients better understand what that means for their businesses and then transform these insights into actionable strategies that bridge purpose and profit.
Mastercard and a bank in Latin America joined forces with cardholders to combat climate change.
The collaborative approach designed by Mastercard empowered consumers to make a positive impact on the planet by restoring forests through the Priceless Planet Coalition, while also driving card usage.
Last month, Mastercard joined up with the cryptocurrency exchange platform Coinbase for Coinbase NFT, a marketplace that will facilitate the purchasing, selling and displaying of non-fungible tokens.
Coinbase is also planning on working with Mastercard to “to support the crypto ecosystem with new tools for crypto wallets and cybersecurity protections,” Mastercard said.
Rising interest rates, inflation and market volatility are on the horizon. You don’t want to miss out on this exclusive opportunity to unlock Action Alerts PLUS at our lowest price of the year.
