In recent years, Mastercard has been concentrating on expanding its reach by partnering with new networks. This effort is aimed at driving growth in adjacent areas and leveraging the company’s expertise in managing global payment networks to provide additional value to its customers. One of the ways that Mastercard is doing this is by integrating digital identification and open banking into its core payments and services.
Digital ID has become increasingly important in many countries as a means of accessing government services, voting, and online shopping. Mastercard’s open banking assets connect to a vast number of deposit accounts in the US and thousands of banks in Europe, enabling seamless data sharing for improved customer experiences with partners like Verizon and Worldpay. This integration allows customers to easily manage their finances from one platform, making it easier for them to stay on top of their spending and investments.
Looking ahead to 2024, Mastercard is committed to continuing its efforts to build a smarter, safer, and more inclusive digital future. The company remains focused on delivering the high-quality payment services that its stakeholders rely on every day, while also exploring new opportunities for growth and innovation. By staying at the forefront of technology and embracing new networks, Mastercard is well positioned to meet the evolving expectations of its customers, partners, account holders, and shareholders in the years to come.