PAKCon 2020: Designing the future of digital payments: Why the pace of change is accelerating

TL;DR

Exploring Mastercard's evolving role in digital payments, innovation in emerging markets, and the impact of technology like blockchain.

Transcript

welcome to the fintech deep dive session about the future of digital payment and i'm movers and will be the host for this session and i will manage the that and the q a session basically at the end of that session with me and i'm very happy that that he is joining us remotely is peter bucknecker he's the divisional president germany and switzerland... Read More

Key Insights

• 🎴 Mastercard's digital evolution focuses on connectivity and partnerships, moving beyond traditional payment cards to provide secure and smart transactions globally.
• 🪡 Collaborating with startups through programs like Start Path, Mastercard leverages innovation for scalable solutions addressing societal needs and expanding market reach.
• 🤗 The future of digital payments includes advancements in blockchain, cryptocurrencies, and open banking, with Mastercard adapting to tech changes while ensuring network security.
• 😌 In emerging markets like Africa, the scope for digital payment innovation lies in connectivity, digital ID, and financial inclusion, creating impactful solutions for societal challenges.

Questions & Answers

Q: How does Mastercard adapt to tech developments like blockchain and cryptocurrencies while ensuring network security?

Mastercard actively innovates, invests in blockchain solutions, and prepares for cryptocurrencies, balancing innovation with network security to adapt to changing tech landscapes.

Q: What role does open banking play in Mastercard's strategy, and how does it aim to integrate API account connectivity?

Mastercard is developing in-house open banking solutions to provide multi-rail connectivity while assessing partnerships for seamless integration that benefits users and enhances services.

Q: In the context of COVID-19, how does Mastercard support communities, governments, and small businesses globally during crises?

Mastercard engages with governments for data insights, enables secure payouts for social support, and offers assistance to local businesses, demonstrating commitment to social impact and community resilience.

Q: In emerging markets like Africa, what innovative opportunities exist for digital payment solutions, especially in areas like health, education, and financial inclusion?

Connectivity and data are crucial in emerging markets, enabling solutions like mobile money, health services, and education support, fostering financial inclusion and social development.

Summary & Key Takeaways

• Mastercard's evolving role beyond traditional payment cards includes digital provision via mobile phones and a vast global network connecting 50 million merchants and 30,000 institutions.

• Embracing innovation, Mastercard invests in startups through programs like Start Path, fostering collaboration for scalable solutions addressing societal needs.

• Addressing emerging markets, connectivity, digital ID, and financial inclusion are key for future innovations in Africa and beyond, leveraging technology for social impact.