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Europe: Mastercard Launch New Open Banking Solution

Mastercard rolls out new innovative solution in a bid to tackle increasing concerns of cybercrime

Global electronic payment giant Mastercard has initiated plans to boost Financial Inclusion across Europe with its latest innovative solution- Account Owner Verification. This solution allows users seamlessly verify their accounts on Mastercard. This move is an attempt by Mastercard to tackle issues around cybercrime and its constant threat to financial data safety.

Source: CNBC

According to Barometer (a polling instrument by the European Commission), at least 28% of SMEs (Small and Medium Enterprises) in the continent have experienced one type of cybercrime. Amidst the ongoing concern about the rise of hacking online bank accounts, Mastercard’s latest innovation would strengthen the safety and reliability of data sharing and other transactions on its platform. Introducing Account Owner Verification would further emphasize the company’s resolve to empower businesses to grow in an increasingly digital world. For individuals, Mastercard intends to prioritize ease and reduce the cost of transactions.

Currently sitting second to only Visa (with more market share), Mastercard’s decade quest for dominance in the digital banking ecosystem is looking up as the payment giant continues to roll out solutions that speed up financial Inclusion across Europe. Furthermore, Mastercard seeks to increase the reach of Open banking as it targets Global adoption beyond the European shores.