One of the world's popular payment giants, Mastercard is currently exploring new technologies along with Blockchain, AI and Machine Learning in order to enhance the overall efficiency of payments networks.
The firms Dublin-base unit is taking the support of leveraging technologies to develop digital payments solution for the wider group said, Ken Moore, who leads Mastercard's R&D initiatives globally while speaking to The Irish Times.
Apart from upgrading its current infrastructure, Mastercard Labs also going to excuse to research on new products that could see its parent company finally offering a wide number of solutions powered by blockchain technology.
Ken More also said that Mastercard's Irish business is running in a loss because the company hasn't been focused on driving revenues.
“We build new products for Mastercard globally out of Dublin so we incur the costs for that in Ireland even though the services we provide are global,” Moore explained.
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Mastercard to create new job opportunities
Mastercard Labs has been heavily focused on cryptocurrency solutions, such as the QKR app, an ID verification app which is being used for verifying the business. Moreover, the firm is going to expand its team by adding 175 new members. The firm is looking for individuals having knowledge of blockchain specialists, data scientists, and cloud infrastructure specialists.
The news comes just after the stable settlement reached by Mastercard and Visa, following a class action lawsuit over price fixing, which most likely has been settled for an amount of $6.2 billion.
The turn to take help from the blockchain by Mastercard is because of the interest of the financial world about the technology, in spite of their external opposition to the sector.
Now, as popular firms such as Mastercard moving ahead by taking the support of Blockchain technology, it is believed that various other companies will also follow the same path as the benefits of blockchain technology become more relevant.
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Major Reformation
Mastercard's finances are being raised by €45 million non-refundable capital contribution from its parent.
At the beginning of 2018, Mastercard has done a major reformation at its Irish R&D unit to agree with the departure of Garry Lyons, who have started Mastercard Labs in 2012.
Mr. Moore said that the Reformation was very much useful in helping the Irish unit to touch new heights by entering into digital payment solutions.
He further added that the unit was being heavily observed by the wider group. “We’re very much seen as a success story and are increasingly growing in relevance,” Moore said.