Lloyd’s Banking Group and Virgin Money recently banned customers from using their credit cards to buy cryptocurrencies; customers will still be able to use their debit cards to buy cryptocurrencies but for fear they could go into debt they do not want credit cards being used; other card issuers like Barclays and Mastercard say they are reviewing the crypto space but no decisions have been made. Source.
MasterCard and Facebook Messenger have teamed up to bring Nigerian small businesses digital payments and banking; 98 percent of Nigerians use cash when transacting with businesses; businesses message a Masterpass QR bot on Facebook Messenger to help enable QR code payments; the partnership is then supported by Nigeria’s Ecobank and Zenith Bank by setting up those businesses with accounts at the banks; the biggest hurdle in a partnership like this is the consumers or small businesses cannot transact with one another and so adoption is slow, though the partnership hope to solve that issue. Source.
Santander’s partnership with MasterCard will make them the first UK big five bank to issue a debit card with MasterCard;...
Bill Ready, COO of PayPal made an interesting analogy speaking at the World Economic Forum that fintech firms should look...
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Mastercard has launched their in house content studio to help broaden the institution’s brand; the idea is to make themselves look as if they are a tech company; they have hired a content team and have already started making Storylabs in series; the move is part of a wider trend in financial services as companies like JPMorgan Chase, WealthSImple and Acorns have all been producing content; they also recently started a podcast named “Fortune Favors the Bold” by journalist Ashley Ford. Source.
Mastercard filed a patent with the U.S. Patent and Trademark Office to build a product meant to safeguard identity data. The product is a semi private blockchain used to receive and store identity data like address, tax ID number and more. Source.
The program called Accelerate will allow fintechs to access MasterCard insight, tools, technology and investments; this is a continuing commitment...
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While speaking with CNBC Mastercard’s Vice Chairman Ann Cairns discussed the importance of digital identity in the next few years;...