Mastercard partners with Ripple, Consensys, and others to explore CBDCs.

Mastercard, one of the world’s leading payment processors, has launched a new program to collaborate with various blockchain and payment technology providers to advance the development and adoption of central bank digital currencies (CBDCs).

The Mastercard CBDC Partner Program aims to “bring a greater understanding of the benefits and limitations” of CBDCs and “foster collaboration with key players in the space,” according to a press release on August 17.

The program will involve seven initial partners, including Ripple, Consensys, Fireblocks, Fluency, Giesecke+Devrient, Idemia, and Consult Hyperion. These partners have expertise in different aspects of CBDCs, such as security, privacy, interoperability, offline payments, and tokenization.

Raj Dhamodharan, Mastercard’s head of digital assets and blockchain, said in the statement:

“As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”

Mastercard has been active in the crypto space for years but has recently shifted its focus to CBDCs, digital versions of fiat currencies issued by central banks. The company has participated in several CBDC projects with the Bank for International Settlements, the New York Federal Reserve Bank, and individual central banks worldwide.

The company also announced that it is exploring CBDCs in 15 countries across Asia Pacific, Europe, Latin America, and Africa. The company is committed to supporting central banks in their CBDC journey and providing them choice and flexibility.

The Mastercard CBDC Partner Program is expected to help accelerate the innovation and efficiency of CBDCs, as well as to ensure their interoperability with existing payment systems and networks.