Mastercard Incorporated – Mastercard makes buying crypto easier and safer

LONDON–(BUSINESS WIRE)–
Mastercard has launched Crypto Secure, a first-of-its-kind technology solution designed to provide added security and trust to the digital ecosystem.

Crypto Secure combines insights and technology from CipherTrace with proprietary information to help card issuers stay compliant with the complex regulatory landscape of the digital asset sector. The platform allows them to better assess the risk profile of crypto exchanges or other providers, collectively known as Virtual Asset Service Providers (VASPs), and decide which cryptocurrency purchases to approve.

Instead of assessing or using a one-size-fits-all approach, which could potentially limit legitimate activity, issuers can easily identify and decline transactions with crypto traders who are prone to fraud.

Ajay Bhalla, President of Mastercard Cyber ​​and Intelligence, said: “At Mastercard, trust is our business, and with cryptocurrency becoming more intertwined in our everyday lives, this is an exciting next step in our journey. Crypto Secure will provide card issuers with a platform that gives them access to insights that will improve the security of crypto purchases, increase consumer trust and create the same confidence they expect when paying with Mastercard.

Crypto Secure provides each issuer with a color-coded dashboard that shows where their cardholders are buying cryptocurrency. The new service will allow issuers to:

• identify the crypto exchanges accurately

• measure transaction approvals and rejections

• understand, at the portfolio level, their exposure to crypto risk through a single score

• access a benchmark assessment for comparison with a group of financial institutions

Crypto Secure is the latest step in Mastercard’s broader digital asset strategy, helping to bridge the gap between traditional finance and the crypto world, enabling individuals to seamlessly spend money from their crypto accounts in everyday transactions. Over the past few years, Mastercard has been working with its customers and partners to bring new services and capabilities that help make crypto more accessible, safe and secure. These efforts have been supplemented by the addition of new technology through Finicity, Ekata, RiskRecon in addition to CipherTrace.

This unique combination of services gives qualified financial institutions the ability to securely manage crypto asset investments for consumers. Mastercard also continues to support banks, governments and others around the world through its crypto and digital currency consulting practice.

About Mastercard (NYSE: MA)

Mastercard is a global technology company within the payment industry. Our mission is to connect and drive an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, easy, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that opens up invaluable opportunities for all.

www.mastercard.com

Mastercard Crypto and Blockchain

Source: Mastercard Investor Relations