Mastercard and J.P. Morgan Partner to Improve Payments Using Blockchain
What Happened:
Mastercard and J.P. Morgan announced a strategic partnership aimed at improving cross-border payments using blockchain technology.
The primary goal is to reduce the time and costs associated with global money transfers, while improving security and process efficiency.
How it Works:
The partnership will leverage J.P. Morgan’s blockchain solutions, such as the Onyx Network, with Mastercard’s expertise in payments systems.
The initiative will eliminate traditional intermediaries in remittances, speeding up the process and reducing fees.
Expected Impact
1. On the Global Market:
This move is a major shift in the global financial system, especially for businesses that rely on daily remittances.
2. On Cryptocurrencies:
Increasing trust in blockchain technology could drive broader adoption of cryptocurrencies.
What the companies said:
Mastercard: indicated that this partnership is in line with its commitment to using modern technologies to promote financial inclusion.
J.P. Morgan: Blockchain is key to improving global payments efficiency.
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Source: 📍
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