New Blockchain Payment System Announced by MasterCard


September 26, 2019

Does blockchain technology has the power to disrupt the traditional payment system? Cryptocurrency is the new money of future? Are humans ready for adapting this new trend?

These are the questions that are asked by the reputed company MasterCard. The company is also preparing itself to have a win-win situation in the crypto world. Let us see what steps are taken by MasterCard.

MasterCard ties partnership with R3

MasterCard and R3 have come in a partnership so that they can develop a new cross-border payment system. With this new partnership a faster payment system infrastructure can be connected with banks and MasterCard’s clearing and settlement network.

R3 CEO said in a press release that all the organizations are dependent upon an expensive technology for transactions.  A new and better B2B cross border payments solution can be developed with improved connectivity in account transfer transactions.

Both will have its own individual roles, where R3 will connect its platform to the payment infrastructure of MasterCard. Corda is the blockchain platform for R3 and more than 300 of the technological companies, banks, associations and organizations have joined in Corda ecosystem.