Companies will explore how Mastercard’s global network of financial institutions, including issuers and acquirers, can enable FIUSD across their solutions and a range of use-cases
Mastercard is deepening its partnership with Fiserv, Inc. to integrate its new FIUSD token across a range of Mastercard products and services, expanding stablecoin adoption and utility for their shared customers around the world.
Financial Technology Insights: Bitget Partners with MotoGP: Tech Meets High-Speed Racing
“Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets,” said Chiro Aikat, co-president at Mastercard.
By offering FIUSD across Mastercard’s global payments network, people and businesses can use the new, programmable, blockchain-based token across more than 150 million merchants.
Financial Technology Insights: Westfield Advances Insurance with Sale of Banking Business
Mastercard and Fiserv will explore key areas to solve for real-world challenges and opportunities for stablecoin adoption and utility, including:
- Seamless on and off-ramping: The partnership can enable the efficient on/off-ramping of funds, allowing consumers and businesses to transition smoothly between fiat and FIUSD.
- Enabling merchants to settle in FIUSD: Mastercard can enable FIUSD as a settlement option for its global acquirers, helping merchants get paid in FIUSD, no matter how they are paid. This not only expands choice but also enhances operational efficiencies and delivers a seamless payment experience.
- Connectivity to the Mastercard Multi-Token Network (MTN): Fiserv’s Digital Asset Platform, powered by Finxact, can leverage Mastercard MTN to bring off-the-shelf support for programmable, on-chain commerce for banks.
- Powering stablecoin-powered cards: Together, Fiserv and Mastercard will enable the issuance of stablecoin-linked cards for shared customers, allowing consumers and businesses to make FIUSD payments anywhere around the world where Mastercard is accepted. With Mastercard One Credential, consumers can also flexibly choose the payment type of their choice – from debit, credit to stablecoin balances.
“This work with Fiserv is setting the stage for a new era, where stablecoins are as ubiquitous and trusted as fiat currencies, driving choice and innovation for all,” said Chiro Aikat, co-president, Americas at Mastercard. “Leveraging the power of the Mastercard network, as well as our deep capabilities across digital assets, we are creating a robust ecosystem that bridges traditional financial services with digital assets. Underpinned by our commitment to providing seamless, secure, and programmable transactions, we are excited to bring Fiserv’s FIUSD to our customers, consumers and businesses around the world.”
Financial Technology Insights: Digital Asset Raises $135 Million to Fuel Canton Network Growth
“FIUSD presents Fiserv customers with access to a new, more efficient, and interoperable digital asset service for their banking and payment flows. To date, stablecoins have largely been a store of value. Our work with Mastercard is promoting greater reach and utility of stablecoins by helping our financial institutions and merchants enable greater payments choice to their customers,” said Takis Georgakopoulos, Chief Operating Officer, Fiserv.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com
Source: businesswire
