Payment processing behemoth Mastercard Inc. (NYSE:MA) is launching a new consulting service dedicated to Open Banking, Open Data, Crypto & Digital Currencies, and Environment, Social & Governance (ESG).
What Happened: In a Tuesday announcement, Mastercard wrote that it is expanding its consulting business with services that include an explicit dedication to the cryptocurrency space. Raj Seshadri — the firm's Data & Services President — promised that the company will continue to help its customers navigate the financial landscape as it evolves.
“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,” Seshadri said. “This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.”
What It Means: Mastercard's crypto consulting is aimed primarily at banks and merchants that need assistance in adopting this new class of assets. This includes developing a range of digital currency capabilities — from early-stage education, risk assessments and NFT strategy development to designing crypto loyalty programs.
Furthermore, the payment service provider is partnering with “digitally native firms” to offer crypto solutions and help fintechs enter the space.
This latest development follows the mid-January news that U.S. cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) is partnering with Mastercard to reportedly "revolutionize the NFT purchase experience." Furthermore, the payment processing giant also announced the launch of its crypto-linked credit and debit cards for users in the Asia Pacific region back in early November 2021.
MA Price Action: As of press time, shares of Mastercard are trading at $382.23 up by 2.20% on Tuesday.
