Mastercard Enters The Blockchain Sector As The Company Partners With Bahrain’s BENEFIT

Mastercard, one of the pioneers in card payment, enters the blockchain industry. Initiating a partnership with Bahrain's BENEFIT (Bahrain's Electronic Network for Financial Transactions), Mastercard will enable its Bahrain users to make use of blockchain technology for cross-border payments.

The company has been looking to develop new products and services, but also improve its portfolio with technologies such as Blockchain, AI, and machine learning.

Ken Moore, Mastercard's head of research and development, stated that such innovations are costly, but their international implementation is more important than short-term losses. Some of the new products, developed by Mastercard's development bureau in Dublin, Ireland – Mastercard Labs – include biometrics app QKR. The application is used by leading companies in the biometrics sector, such as Identity Check and Wagamama.

By utilizing blockchain, the two companies strive to achieve hassle-free, fast, and transparent way for banks to move funds internationally.

The joint venture will eliminate intermediaries in the process, allowing lowered transactions fees and better settlement.

"Blockchain can change the way which transactions are made. Mastercard will keep on working with BENEFIT to improve blockchain innovations, which can help drive more effective, transparent and secure global payments" said Khalid Elgibali, Mastercard's division president for the Middle East and North Africa.

The CEO of BENEFIT, Abdulwahed Al-Janahi, stated that the partnership between Mastercard and BENEFIT could strengthen the innovation in cross-border remittance, and also put Bahrain into the world of top fintech hubs. Al-Janahi also noted that the blockchain project also corresponds with Bahrain's government plans for using innovative financial products and services, which rely on blockchain technology.

Mastercard is currently employing over 400 people in its development center in Dublin. The company is set to open 175 new job positions, primarily for cloud computing specialists, data scientists, and blockchain developers.