Mastercard's new partnership with Fluency is focused on central bank digital currencies (CBDCs), and the collaboration between the two entities aims to capitalise on the growing interest in CBDCs. Fluency's technological expertise will contribute to a better understanding of the advantages of CBDCs and how they can be effectively implemented to drive innovation for both Mastercard and its clients in this evolving landscape.
Representatives from Fluency cited by ibsintelligence.com, expressed enthusiasm for the partnership, highlighting the role of Fluency in enabling seamless transactions across various types of CBDCs, including account-based and token-based, retail and wholesale, as well as multi-CBDC networks involving tokenized assets and regulated stablecoins.
The global CBDC program has also selected several other key players, including Ripple, ConsenSys, Idemia, Consult Hyperion, Giesecke+Devrient, and Fireblocks.
Officials from Mastercard emphasised the importance of payment choice and interoperability among various payment methods for a thriving economy. They stated that as society moves toward a digitally oriented future, the user-friendliness of CBDCs will be crucial to their adoption, comparable to other forms of currency.
Fluency holds a significant position as a member of various CBDC boards globally. The company collaborates directly with major central banks and governments in 23 countries, including prominent institutions such as the European Central Bank and the Bank of England. Fluency's involvement spans CBDC design features, implementation strategies, and policy considerations.
In August 2023, Mastercard's collaboration with Checkout.com was unveiled, aimed at facilitating streamlined and secure payment options for Careem Pay customers within the UAE region.
As part of this joint effort, Careem Pay incorporates Mastercard Send, a solution designed to enable near real-time payments. This integration will empower users in the UAE to conduct swift and efficient transactions within their Careem Pay wallets. The utilisation of the Careem application will extend beyond payments, encompassing daily services and associated benefits.
Noteworthy for its global presence spanning 108 countries, the Mastercard Send solution's incorporation into the Careem application will grant UAE-based customers access to its varied functionalities. These encompass an array of capabilities, including marketplace refunds, novel peer-to-peer and international money transfer experiences, and disbursement options tailored for the retail and delivery sectors.
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