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Mastercard is starting to hire crypto and services

Mastercard Inc. said it will hire more than 500 young professionals this year as the data and services division expands, which will include launching consulting practices on cryptocurrencies and open banks.

The payment giant will also develop consulting practices focused on environmental, social and governance issues, Purchase said in a statement to the New York Mastercard on Tuesday. Currently, the data and services department employs more than 2,000 scientists, engineers and consultants.

Raj Seshadri, President of Data and Services Mastercard; Photo by Bloomberg Mercury

“If we see a work model, a trend, and enough dynamism, then we formalize it more formally into practice,” said Raj Seshadri, president of Mastercard’s data and services division, in an interview. “So these are the next three that we add to the list.”

Mastercard relies heavily on Seshadra’s business, which along with the cyber and intelligence division is part of the company’s broader services department. More than one-third of the company’s new employees are in the service department, and the company is looking to boost the unit’s offerings.

The total services business earned about $ 6.5 billion in revenue last year, meaning it now accounts for more than a third of the company’s total. That’s more than the mid-teens a decade ago.

“Our expansion in services has proven to be a huge factor in the growth of our business,” CEO Michael Mibach said in November. “I see an incredibly bright future.”

New practices

In its new open banking practice, Mastercard will delve deeper into the debate between banks and competitors in financial technology because of the vast amount of consumer data that lenders have in their systems. Upstarts have long sought access to this information for use in their programs and other products, and governments around the world have begun urging banks to open their systems to these external applications.

Through its crypto-consulting practice, Mastercard has stated that it seeks to help banks navigate the adoption of digital currencies. It can also help in developing crypto loyalty programs, developing crypto cards or risk assessment.

“One trick is to help central banks study the design and deployment of the central bank’s digital currency,” the Mastercard said in a statement.

– Jenny Suran (Bloomberg Mercury)



https://bankautomationnews.com/allposts/crypto-defi/mastercard-is-going-on-a-hiring-spree-after-starting-a-crypto-consulting-arm/ Mastercard is starting to hire crypto and services

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