Mastercard will offer banks solutions for cryptocurrency trading

Mastercard today introduced Crypto SourceTM, a new program that will enable financial institutions to offer secure trading of crypto assets and services to their customers.

According to the 2022 Mastercard New Payments Index, 29% of respondents globally have viewed cryptocurrencies as an investment. In addition, 65% of them say they prefer cryptocurrency-related services to be offered directly to them by their current financial institution that they trust*.

In partnership with regulated and licensed cryptoasset providers, Mastercard’s partner financial institutions will have access to a full suite of services to buy, hold and sell selected cryptoassets, complemented by identity services, proven cyber security and advice. This Crypto Source offering is complemented by the Mastercard Crypto SecureTM solution, which strengthens the security of the crypto-asset ecosystem and helps card issuers comply with complex regulations.

Now Mastercard’s suite of crypto asset offerings targeting banks and fintechs offers the following services:
• Technological support and a partnership to enable the purchase, holding and sale of certain crypto-assets
• Security management, including Mastercard’s identity management solutions, crypto-asset analytics, transaction monitoring, anti-money laundering, know-your-customer (KYC) and lifecycle, cyber security and biometric capabilities.
• Cryptocurrency payment and redemption options offered through a range of products including crypto cards, open banking and cross-border services. Financial institutions will also be able to offer additional features using Mastercard’s technology, such as digital receipts and loyalty solutions.
• Crypto affiliate program management, including program design, product development and technology implementation, as well as marketing optimization and marketing consulting services. The goal is to provide end-to-end support to banks, fintechs and card issuers to deliver large-scale crypto-affiliate programs.

“At Mastercard, trust is our business. What we’re announcing today is a connected approach to services that will help integrate a future billion users securely into the cryptocurrency ecosystem. Our recent investments in this area, including the acquisition of CipherTrace and Ekata, give us a unique set of skills that allow us to provide our clients and consumers with the most technically advanced solutions on the market. said Ajay Bhalla, President, Cyber ​​​​​​​​​​​​​​​​​​​​and Intelligence at Mastercard.

To strengthen this program, Mastercard is currently expanding its partnership by working with Paxos Trust Company, a reputable and regulated blockchain infrastructure platform. The purpose of this partnership is to enable Paxos to provide trading and custody services for cryptoassets on behalf of banks. Mastercard, for its part, will use its technology to integrate these capabilities into banking interfaces, resulting in a seamless experience for the consumer.

“Our commitment is simple: to explore cryptocurrencies and the underlying digital asset technology to support consumers in their payment choices. Today marks an exciting milestone in our crypto strategy, which builds on the strengths of our international businesses: from open banking and identity verification, to fraud analysis and monitoring and through dispute resolution solutions. We are pleased to continue our long-term partnership with Paxos, where together we innovate to bring safe and secure technology to financial institutions. Our innovations in crypto-active products will deliver choice at scale and continue to bring unique opportunities for financial institutions looking to offer cutting-edge new services to their customers,” said Jorn Lambert, Chief Digital Officer at Mastercard.

“Mastercard has a strong network of financial institutions around the world. This exciting offering developed by Paxos and Mastercard will provide financial institutions with an extremely fast and reliable way to provide safe and reliable access to consumers worldwide. We are excited to partner with Mastercard to accelerate the mainstream adoption of digital assets. said Walter Hessert, Chief Strategy Officer at Paxos.

Over the past few years, Mastercard has been working with its customers and partners to create new services and solutions that help make cryptocurrencies more accessible, safer and more secure. These initiatives were complemented by the arrival of new technologies through the acquisition of Finicity, Ekata, RiskRecon and CipherTrace. This unique combination of services allows qualified financial institutions to directly manage consumer investments in cryptoassets. Mastercard also continues to support banks, governments and other players through its cryptocurrency and digital currency advisory service.
Mastercard Crypto Source is currently in the preparatory phase for pilot programs. Further information on its expanded availability will be announced at a later date.

*Research conducted by The Harris Poll and Mastercard Global Foresights, Insights and Analytics, March 21 to April 21, 2022. Online interviews were conducted with 35,040 adults worldwide (17,071 women and 17,969 men) and include nationally representative samples of markets in 5 geographies regions.

About Mastercard:
Mastercard is a global technology company in the payments industry. Our mission is to connect and drive an inclusive digital economy that benefits everyone, everywhere by enabling secure, simple, smart and accessible transactions. We rely on secure data and networks, our partnerships and our passion, our innovations and our solutions to empower individuals, financial institutions, governments and businesses to realize their full potential. Our Decency Quotient (DQ) shapes our culture and everything we do, both inside our company and externally. We are present in more than 210 countries and territories, building a sustainable world to open a horizon rich in priceless priceless opportunities for everyone.


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