A division of Mastercard, working in research and development, studies the applications of blockchain and other advanced technologies to increase the overall efficiency of the company.
According to The Irish Times, through the introduction of various high-tech innovation giant payment sector, ranked second in the world after Visa, expects to improve efficiency and create new services.
A subsidiary of the international payment service provider located in Ireland, was responsible for several innovative projects since its inception six years ago. In its Irish headquarters of Mastercard Labs for some time works with bloccano, artificial intelligence and machine learning.
The head of Mastercard for research and development Ken Moore (Ken Moore) told The Irish Times about the work done by his employees, and how this affects the company as a whole. Despite the fact that the unit often runs at a loss, the innovative solution created by a team in the Irish Leopardstown, allow the company to remain one of the most influential payment processor on the planet. The issue of profitability of current activities gives way to other priorities.
“We are creating new products for Mastercard on a global scale — not within the Dublin, thus, we bear the costs for them in Ireland, despite the fact that the services which we provide company have global scale,” explained Ken Moore.
From his point of view, businesses now need to go beyond the hype around virtual currencies and the technology underlying, and develop “real, fundamental services and products” that will get more widespread.
The team division has already introduced some innovative solutions such as the QKR app. Used by large companies, for example Wagamama and Identity Check, the decision embodies a breakthrough in the field of biometrics.
Currently, Mastercard Labs employs 400 people. This number is likely to increase: the payments processor plans to open another 175 positions in Ireland, which will include the developers of blockchain, data scientists and experts in the field of cloud computing.
Ken Moore noted that the division is one of the most famous in the whole company:
“Our history as a success story, and the value of our products continues to grow.”
However, although Mastercard is clearly intrigued by the blockchain technology, the same cannot be said about the CEO of the company — at least in relation to cryptocurrency in General. Earlier, Anjay Banga (Ajay Banga) said that digital currencies like bitcoin and ether — the “garbage” that cannot be a medium of exchange, and 95% of transactions used to facilitate crime, drug trafficking and pedophilia.
Nevertheless, the company is one of the most active developers on blockchain solutions for your business: the latest series of numerous blockchain. Mastercard for the replenishment transaction history in real-time, previously patented system anonymous blockchain transactions, the technology of virtual cards on the blockchain and other solutions.
A payment processor is so good at innovation, this summer at one of the conferences was: “Our blockchain can manage the entire company.”