Mastercard spoke about the blockchain innovation technology division
MasterCard, the world’s second largest payment processing company, is seeking opportunities to leverage various “deep technology” innovations to improve the efficiency of existing and create new services. Located in the Irish suburb of Lepardstown, Mastercard Labs’ R&D center is currently working in areas such as blockchain, artificial intelligence and machine learning..
On Wednesday, The Irish Times published an article in which Mastercard’s head of research and development, Ken Moore, talked about what work has already been done and how it will affect the company. Although his team often runs at a loss, the technology they create keeps Mastercard as one of the world’s most influential payment processing companies..
Moore stated that Mastercard Labs is not focused on making a profit: “We are creating new products that will be used by Mastercard globally, although we are suffering some losses here in Ireland.”.
Previously, Mastercard Labs has already created a number of innovations, including the QKR app. It uses biometric technology that big firms like Wagamama and Identity Check have adopted. In addition, this product has become an important breakthrough in the field of personal identification..
Currently, Mastercard Labs employs about 400 people, but soon this figure may increase, because Mastercard plans to open 175 more jobs in Ireland, including blockchain and cloud computing and data science jobs.
According to Moore, Mastercard’s R&D wing is one of the most successful in the company: “We are seen as a success story and are increasingly important.”.
While Mastercard is intrigued by blockchain technology, the same cannot be said of its CEO’s attitude toward cryptocurrencies. Earlier this year, Ajay Banga stated that digital assets like bitcoin and ether are “junk” and not suitable for use as means of payment..
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