Payments Giant Mastercard Launches New Program With Ripple and Other Firms To Foster Collaboration on CBDC

Payments processing giant Mastercard is rallying support for a new program focused on central bank digital currencies (CBDC) as countries worldwide mull issuing their own version of the government-backed assets.

In a statement, Mastercard announced the launch of the CBDC Partner Program, an initiative that aims to engage key players to drive CBDC innovation and efficiency.

“To bring a greater understanding of the benefits and limitations of CBDCs and how to implement them in a way that is safe, seamless and useful, Mastercard is convening a group of leading blockchain technology and payment service providers to join its new CBDC Partner Program.”

Mastercard’s inaugural partners in the program include blockchain-based digital payment network Ripple, web3 software company Consensys, technical consultancy firm Consult Hyperion, digital asset operations firm Fireblocks, CBDC marketplace platform Fluency, security technology group Giesecke+Devrient and digital identity technology provider Idemia.

Says Mastercard’s head of digital assets and blockchain Raj Dhamodharan,

“By assembling the strengths, deep expertise and different capabilities of these partners, we can drive innovation in the central banking community and along the CBDC value chain as the space continues to evolve.”

Mastercard is rolling out the program amid increased interest in CBDCs around the globe. Citing data from the Bank for International Settlements, the payments firm says 93% of central banks are engaged in CBDC-related development.

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