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Mastercard plans to launch a payment platform on blockchain

Mastercard plans to launch a payment platform on blockchain

Payment transaction system Mastercard developed a special service for quick payments on the basis of blockchain technology. Service specialists have already submitted their patent to the US Patent and Trademark Office, which was announced on the site of this institution.

The new blockchain based service will allow you to instantly process transactions and record them in your system. In addition, all information about the payment amount and transaction confirmation will be saved. Also, blockchain will make keeping record of counterparties accounts possible.

The patent application says that this development will be an effective solution, which will help guarantee payment processing transparency for financial organizations or receivers of the funds.

Earlier, Mastercard informed the public about plans to use blockchain in private sector transactions in order to increase the speed of transnational payments processing.