According to an SEC filing, Mastercard has reported that 30 percent of its 2024 transactions will be tokenized.
It is clear that the filing contains a statement.
“Approximately 30% of all Mastercard transactions are now tokenized”
In its filing, the company stressed that it was committed to digital payments while acknowledging the increasing competition within the industry.
The rise of competition
Mastercard brought to light the rapidly evolving technological landscape that is reshaping finance.
It was noted by the company that enhanced security and blockchain innovation are revolutionizing payment systems. The company noted that these developments may introduce new technologies and more efficient methods of payment.
The firm claims:
“These changes could result in new technologies that may be superior to, or render obsolete, the technologies we currently use in our programs and services. They may also result in new and innovative payment methods, products and services.”
Firms have also noted that stablecoins, cryptocurrencies and other payment options are becoming viable alternatives. They are widely used because of their efficiency and accessibility around the clock, especially in business to business (B2B), and merchant transactions.
Mastercard stated that the impact of regulatory developments on its operations could be accelerated adoptions of digital currencies.
Mastercard said that the central banks are currently researching digital currency (CBDCs), and this could result in the creation of dedicated networks. Mastercard has said that, if it were to occur:
“[This may] impact the extent of our role in facilitating CBDC-based payment transactions, potentially impacting the transactions that we may process over our network.”
Mastercard’s blockchain strategy
Mastercard has increased its tokenization and blockchain initiatives to be competitive. The company is focused primarily on blockchain-based solutions that are secure, interoperable, scalable and able to scale.
The statement is:
“[We are] investing in the future and driving market transformation by extending the reach of our network to enable the tokenization of credentials, identities, assets and data and the exchange of those items between counterparties.”
Mastercard emphasized that it has patents on blockchain, payment security and artificial intelligence. These are all areas where the digital economy is a priority. It has also developed technology that tokenizes CBDCs on multiple blockchain networks.
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