Mastercard will develop payment tokenization

The credit card issuing company Mastercard announced that it will develop payment tokenization through a new accounting technology shared with other entities

In a recent announcement, Mastercard announced the development of a new payment system that will allow its tokenization, through collaboration with other entities.

The multinational credit card issuing company will join a leading company in the development of blockchain technologies and which will be in charge of carrying out the tests.

Mastercard’s project has been called Regulated Settlement Network (RSN), focused on “the collective settlement of tokenized assets. Such as Treasury bonds or other products related to finance.”

The aim is to achieve a single payment platform. “So different assets can be converted into tokens and in turn will be registered in an accounting book that will be distributed.”

Along with Mastercard, there will be other companies that will support the project, such as prominent financial institutions with extensive experience: J.P. Morgan, Visa or Citi. Other companies, such as Broadridge, MITER Corporation or BNT Mellon, are already taking charge of participating in these tests in order to “improve efficiency in payments across borders” and minimizing the chance of fraud or errors in transactions as much as possible.

The Mastercard project shows the growing interest of companies in cryptocurrencies. In short, the credit card company is leading the way in the use of new accounting-related technologies. “A distributed accounting for bank payments through tokenization. Without a doubt, crypto asset trading is booming within the financial market.”


Source: cryptonews

(Reference image source: in Unsplash)

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