Mastercard, a significant participant in the worldwide payment processing sector, is actively exploring methods to engage in the expanding Central Bank Digital Currencies [CBDCs] market. As a component of its approach to entering this arena, Mastercard has recently established partnerships. It has done so with influential entities in the CBDC realm. This encompasses notable companies such as Ripple and ConsenSys.
The payments firm introduced a program in which it is partnering with seven established firms. The initial group of collaborators comprises Ripple, ConsenSys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient, and Fireblocks.
According to a recent report, Ripple emphasized its engagement in the CBDC market. This sector is projected to achieve a value of $213 billion by 2030. With the aim of achieving this objective, the firm has established partnerships with countries such as Montenegro, Hong Kong, Colombia, and Bhutan. Ripple hopes to actively participate in the development of their individual CBDC projects.
Also Read: Ripple’s CBDC Advisor Praises XRPL’s Real-world Application Potential
Mastercard’s Main Motive
The primary objective of this initiative is to enrich the benefits and limitations associated with CBDC. Mastercard did not disclose explicit details about the group’s plans. However, the firm did touch upon several pertinent topics prevalent in the CBDC landscape. This entailed security, privacy, interoperability, innovation, and efficiency. Furthermore, Raj Dhamodharan, Head of Digital Assets and Blockchain at Mastercard, said,
“We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy. As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”
Also Read: Ripple Launches CBDC Development Platform
