Mastercard, the financial service company, is spearheading the future of card-based payments with the introduction of Mastercard Multi-Token Network (MTN), a tailor-made solution for the industry.
Mastercard is foreseeing a future for money, that would bring people plenty of options to decide on how they wish to utilize their assets. The card payments major has predicted that blockchain can bring that element of programmability to money as we know and use it today.
MTN aims to provide a set of foundational capabilities designed to make transactions within the digital asset and blockchain ecosystems secure, scalable and interoperable, ultimately enabling more efficient payment and commerce applications. The network has four pillars of trust, aiming to meet four key industry needs such as, trust in counterparty, trust in digital payment assets, trust in technology, and trust in consumer protections.
“Last year, we tested the use of tokenized commercial bank deposits between several financial institutions, settling through our existing network. MTN will support and complement these efforts by enabling regulated payment tokens to power financial applications.”
In the coming weeks, the beta version of MTN will be available in the UK and act as a testbed for developing live pilot applications and use cases with financial institutions, fintechs and central banks. The first phase of the applications will be powered by tokenized bank deposits. Over time, MTN will be available in additional markets around the world.
MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date. It is a natural evolution that demonstrates Mastercard’s commitment to offering a wider range of payment solutions that are safe, easy to access and always on. “Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future,” added Mr. Dhamodharan.