The set of payment tools was first unveiled in 2016, aiming to solve payment settlement processes. The company announced in a press release that it would first be working on business-to-business (B2B) transactions with the tech, as part of a bid to “address challenges of speed, transparency and costs in cross-border payments”.
Mastercard is encouraging companies to begin settling transactions through its blockchain APIs, which it says can ease some of the friction experienced during cross-border payments processes. Furthermore, the company intends to combine its blockchain APIs with other services to allow partners to develop their own use cases and create unique transaction types.
The card company is also seeking intellectual property rights around its uses of the tech, as well as its work with the Enterprise Ethereum Alliance on use cases “well outside the scope of Mastercards traditional payments environment”.
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