Mastercard Enhances Consulting with Cryptocurrency-Dedicated Practices

To enhance its presence in cryptocurrency, the open banking, open data and ESG financial services provider, Mastercard recently announced that the company has expanded its consulting services with new practices.

In addition, the NYSE-listed firm highlighted the importance of innovative technologies like cryptocurrency and open banking in the global financial services industry. According to Mastercard, the company’s consulting service has been a key driver behind the engagement of its customers.

Mastercard’s 2,000 data scientists, engineers and consultants in its Data and Services division are serving customers in more than 70 countries. With the new practice groups, the company aims to deliver an integrated approach to its customers around the world.

“Payments are just the beginning,” says Raj Seshadri, the President of Data & Services, Mastercard. “Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way. This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next.”

Mastercard and Cryptocurrency Ecosystem

To enhance its crypto capabilities, Mastercard announced the acquisition of CipherTrace, one of the prominent blockchain analytics and cryptocurrency intelligence companies, in September 2021. In July last year, the financial services firm revealed plans to expand its card program for cryptocurrency firms.

“Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs. Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies, and has helped financial technology companies expand into new markets, working through go-to-market planning and commercialization strategies,” Mastercard noted in its press release.