Posted By: Admin

On: October 29th 2017

Category: Entrepreneurship, Bitcoin, Finance

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MasterCard Now Allows Clients to Pay via the BlockchainS

Justin Pinkham, the senior vice president of MasterCard Labs, he noted: “We are not using a cryptocurrency, and we are not introducing a new cryptocurrency, because that introduces other challenges, regulatory and legal…If you do a payment, then what we can do is move those funds in the way that we do today in fiat currency.”

Following IBM, MasterCard is now the second Fortune 500 company to start offering blockchain payments to its customers. However, it is important to point out that although MasterCard is actively targeting cross-border payments made between businesses, the feature is invitation-based, which means that the mainstream public will still not be able to use blockchain technology for sending payments.

The company hopes that it will provide benefits associated with blockchain technology such as security, transparency, and efficiency to its customers. MasterCard’s blockchain alternative could help remove the middleman when sending overseas transactions, as fees won’t pile up from every bank that the funds move through. Rather, funds will go straight from point A to point B. Unfortunately, it seems as though the system won’t provide a speed improvement, as the funds will reportedly move through the same system as before.

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