Mastercard has entered an alliance with the blockchain-based ecommerce business, Future FinTech Group’s unit FTFT UK, to introduce the FTFT Orbit e-money platform and Orbit Debit Mastercard.
FTFT UK has been making efforts to develop a financial super app, which will consist of an array of personal digital financial products and services. It aims to go beyond the mobile payments and international fund transfers and include membership rewards and more.
Mastercard is making progress in its digital strategy and investing in technology to capitalise on this trend. Some of MA’s digital innovations are MasterPass, investment in tokenization technology with its Mastercard Digital Enablement Service (MDES), which supports contactless payments and Digital Secure Remote Payments.
Mastercard also has a solution named Mastercard Identity Check which uses EMV 3D secure authentication standard and applies AI and behavioural biometric capabilities to verify the consumer’s identity with a single touch or click. Also, MA launched Cloud Tap on Phone, which will allow merchants of any size to accept contactless payments through a range of devices.
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