Mastercard Expanding its Consulting Services With Practices Dedicated to Crypto
Mastercard revealed in a letter posted on February 15th that it is expanding its Data & Services division to include crypto consulting.
The new goal is aiming to provide high-quality insights to banks and merchants, including fintech firms, in order to "cover a range of digital currency capabilities," such as early-stage education, risk assessments, and bank-wide crypto and non-fungible token (NFT) strategy and development. The use and implementation of crypto cards and crypto loyalty reward programs were also mentioned.
The letter Data & Services division is a talent incubator. The Division's goal is to expand the team with 500 new graduates and young professionals to help execute initiatives and various operations. According to Bloomberg, the division's influence has grown significantly, and it now accounts for more than a third of its revenue, up from much less a decade ago.
The president of the Data & Services division, Raj Seshadri, stated that the team's expansion was necessary to assist consumers in navigating the complexities and challenges of the modern financial system. Mastercard's consulting is evolving in "recognition" of a changing world and changing economic conditions.
“Payments are just the beginning,” says Raj Seshadri, 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.”
It is still difficult to integrate credit card usage into crypto and NFTs. Although purchasing NFTs with a credit card is not uncommon, it is still not heard of. However, with the introduction of credit cards into NFT marketplaces, this may change, allowing individuals to own NFTs without trading cryptocurrency.
At this time, it is unclear how Mastercard's new crypto consulting goal will manifest itself. However, given that Mastercard has collaborated with several teams and crypto projects, it could have a significant impact.
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