Mastercard

The technology holds great promise for financial services, but it could be just as powerful for scammers looking to break payment card encryption. Visa, Mastercard and others are already building new defenses.

The card network and telco are designing systems that use 5G to support more payment processes hosted in the cloud rather than on local hardware. The goal is to make services such as autonomous checkout available to small businesses.

During lockdown, adoption of services like mobile order-and-pay, biometric authentication, contactless fare collection and digital currency accelerated. Consumers have more options than ever — and their behaviors will guide further innovation.

Teampay is using the card network's technology, which was first designed for the Apple Card, to offer virtual accounts for corporate spending.

The card brand has added a dedicated lane to its startup program to address the venture funding gap for race and gender. Overall, less than 3% of VC funding goes to startups with Black or Latinx founders.

Global Payments' TSYS subsidiary and BM Technologies will offer the program, which allows transgender and nonbinary consumers to use their preferred name on payment cards.

The Mastercard Foundation will provide $1.3 billion to support the coronavirus vaccination program in Africa, the continent with the lowest inoculation rate.

Republic Bank in Louisville is the first community bank to launch Mastercard's True Name service, which allows customers to display their chosen name on debit cards.

Small businesses are upset at Visa and Mastercard's proposal to raise rates on cross-border payments initiated online, now that the European Commission's caps on credit and debit fees no longer apply in the U.K.

Mastercard will soon bring workers back to its New York City office at least two days a week.