Top 10 News of Mastercard in 2023

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By Pooja Choudhary On Jan 2, 2024

As we embark on the financial landscape of 2023, Mastercard takes center stage with a series of groundbreaking developments that reshape the future of digital payments and financial technology. Mastercard, a global leader in payment solutions, kicks off the year 2023 with a slew of transformative news stories, highlighting its pivotal role in driving innovation and shaping the way we conduct transactions.

In the dynamic world of finance, Mastercard stands as a beacon of innovation, and the top 10 news stories for the year 2023 offer a glimpse into the company’s strategic maneuvers and technological advancements. As the digital economy continues to thrive, Mastercard unveils a tapestry of significant news in 2023, showcasing its commitment to revolutionizing the way we approach payments, security, and financial inclusion.

From cutting-edge advancements in contactless technology to strategic partnerships fostering financial inclusivity, Mastercard’s top 10 news stories for 2023 encapsulate a narrative of progress and adaptability in the ever-evolving realm of global finance.

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Top 10 News of Mastercard in 2023

Dynamic Yield by Mastercard Unveils Shopping Muse, the Next Generation Personal Retail Assistant

Dynamic Yield by Mastercard today announced Shopping Muse, an advanced generative AI tool that revolutionizes how consumers search for and discover products in a retailer’s digital catalog.

Shopping Muse re-creates the in-store, human experience by translating consumers’ colloquial language into tailored product recommendations, complete with suggestions for coordinating products and accessories. Consumers can use Shopping Muse to explore modern aesthetics, trending looks, dress codes, and unconventional search terms like ‘cottagecore’ or ‘beach formal’ with ease. Shopping Muse recommendations match an individual consumer’s unique profile, intent, and affinity, and builds on the conversation’s context over time to deliver results that perfectly match even the most eccentric query. Underpinned by Dynamic Yield’s deep personalization capabilities, the solution combines contextual and behavioral insights to produce recommendations that are informed by the retailer’s keywords, visual cues, and the consumer’s own affinity.

Mastercard JV Approved to Begin Domestic Payments Processing in China

Mastercard announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has received formal approval from the People’s Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) to commence domestic bankcard clearing activity in China.

“We are pleased to have reached this milestone with our local partner NUCC. Mastercard’s deeper participation in the Chinese market will benefit the country, its consumers and its businesses, while simultaneously boosting our company’s mission of connecting and powering an inclusive digital economy that benefits everyone and unlocks priceless possibilities for all,” said Michael Miebach, CEO of Mastercard.

Read: Top 10 News of AWS in 2023

Ubirider and Mastercard Partner to Provide Mobility-as-a-Service Solutions for Transit Operators Globally

Mastercard and Ubirider, Portugal-based makers of the mobility-as-a-service (MaaS) platform Pick designed to serve riders, transport operators and cities, have entered into an agreement to jointly offer Innovative digital solutions that combine operational, payment and ticketing resources and data for public transport agencies and operators. Through this partnership, Mastercard and Ubirider will look to expand on the early success of the products in Portugal to simplify access and payments for mobility services. The MaaS platform Pick, which comprises mobile applications, cloud software and web portals, incorporates state-of-the-art payment technologies that benefit users, in terms of convenience, transport integration and simplicity, and operators in terms of efficiency, cost reduction and quality of service.

Mastercard and NTU Singapore Launch Masters Program to Boost Cyber Talent

The Cybersecurity FlexiMasters program is tailored specifically for mid-career professionals wanting to enter the field, helping to address the regional shortage of qualified professionals. The course is the first of its kind in the Asia Pacific region.

Mastercard and Nanyang Technological University, Singapore (NTU Singapore) have launched a new FlexiMasters program, the NTU-Mastercard FlexiMasters in Cybersecurity & Digital Trust, to strengthen expertise in combating the growing threat of cybercrime. This marks the first milestone of the Mastercard-NTU Joint Lab, an industry-university partnership announced in December last year, aimed at strengthening and growing the cybersecurity ecosystem in the Asia Pacific region.

This will be the first time Mastercard is involved in the development and co-delivery of a Masters level program. Its expertise provides a solid foundation for shaping the practical applications and requirements of the program, which have been seamlessly integrated into the curriculum. By leveraging Mastercard’s global knowledge and insights and offering comprehensive modules developed by Mastercard, the program ensures that participants are immersed in real-world applications and highly trained to contribute to the cybersecurity sector.

Mastercard and Xsolla Level up the Gaming Experience

Building a Partnership that Powers Secure, Frictionless and Rewarding Payments for Gamers

Mastercard and global video game commerce company Xsolla announced plans to collaborate on frictionless, secure, and rewarding payments for gamers — from enhanced checkout experiences using credit card loyalty points¹ to simple in-game currency gifting to improved creator payout processes and more. The partnership will combine Mastercard’s technology, network-level expertise, global scale, and trusted connections with Xsolla’s platform to create customizable and more accessible payment experiences for players, developers, and creators.

“Mastercard has been a strong supporter of the gaming community for many years — we look forward to further enabling cardholders to tap into their passions through this new partnership with Xsolla and shape the future of commerce in gaming,” said Blake Rosenthal, Executive Vice President, Fintech Solutions at Mastercard.

Mastercard Expands Its Consulting Services With Economics and AI Practices

Mastercard announced the expansion of its consulting business with the launch of new practices dedicated to artificial intelligence and economics, to help clients across all industries rapidly and responsibly advance the use of AI and address ever shifting macro-economic forces and consumer preferences. The company is also enhancing its business transformation service, Digital Labs, for clients to create end-to-end solutions from concept development and rapid prototyping to launch and scalability. These offerings are part Mastercard’s ongoing consulting expansion into emerging sectors to support businesses in their evolution and growth enterprise-wide.

“With the democratization of generative AI and a complex economic climate, companies need expertise and go-to-market solutions now more than ever,” said Raj Seshadri, president of Data & Services, Mastercard. “As a complement to our advisory practices, Digital Labs serves as an incubator for businesses to explore new ideas and co-create innovative solutions with a streamlined effect on implementation.”

Feedzai and Mastercard to Expand Crypto Fraud Protection for Consumers Globally

Feedzai will leverage Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud flowing into crypto exchanges

Feedzai a financial crime and risk management solution, and Mastercard – a global technology company in the payments industry – are combining technologies to increase crypto fraud protection for hundreds of millions of consumers.

Today, an estimated 40% of scam transactions exit directly from a bank account to a crypto exchange. According to Feedzai’s recent report, The State of Global Anti Money Laundering (AML) Compliance Report 2023, the monitoring of cryptocurrency effectively is still one of the biggest challenges for financial institutions.

Mastercard Announces Web3 Spotlight Program To Develop & Launch Emerging Musical Artists In The Digital Economy

Mastercard extended its growing music footprint with the launch of the Web3-based Mastercard Artist Accelerator program. Web3’s capabilities have the potential to open a new dimension for music content creation, collaboration and ownership; however, this nascent space has yet to fully deliver—particularly for emerging artists. The Mastercard Artist Accelerator will connect select artists from around the world with notable mentors and a dynamic fanbase as they learn and create in Web3. The program culminates later in 2023 with a livestreamed artist showcase.

Mastercard Strengthens Customer Security With New AI ‘Cyber Shield’

Mastercard acquired cloud-based cybersecurity company Baffin Bay Networks to better help businesses deal with the increasingly challenging nature of cyber-attacks.

Today’s increasingly digital world has delivered greater convenience and increased opportunities for people, businesses and governments. At the same time, it has exposed the need to strengthen protection against criminals who exploit this technology through malware, ransomware and distributed denial of service (DDOS) attacks. For example, in 2022 alone, DDoS attacks rose by 22%^[1].

Mastercard and Riskified New Integration Combines Fraud Insights to Drive Ecommerce Revenue Growth and Profitability for Global Merchants

Riskified, a leader in ecommerce fraud and risk intelligence, announced an enhanced partnership with global payments leader Mastercard, that will improve the ability of businesses across the globe to grow online revenues and profit while mitigating the risk of fraud and chargebacks.

Riskified’s machine learning platform provides merchant fraud teams with highly accurate, automated risk-decisioning for ecommerce transactions. This partnership breaks new ground in the ecommerce fraud space by marrying insights from Mastercard’s world-leading cybersecurity products and solutions with Riskified’s extensive transaction and identity network. The partnership also provides access to Mastercard’s suite of tools that enable real-time alerts on chargeback events and facilitate automated dispute resolution.

Read:Top 10 News of Google in 2023

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