While reporting on the state of remittances in Latin America, the financial services company also stressed how blockchain remittances could be a key element in it.
Crypto use cases have long established their potential to disrupt the global payments sector. From stablecoins to central bank digital currencies (CBDCs), crypto use cases have become uniquely popular. Recently, the payments company Mastercard also noted the importance of blockchain remittances in the Latin American region. The firm had released a report on the state of payments in the region.
The firm stated how Latin America was a major recipient of remittances. It also cited official World Bank data that noted that a huge portion of the remittances were through informal methods. At the same time, it highlighted the growing usage of digital remittances. Further, it underlined the various blockchain and crypto firms that had leveraged distributed ledger technology for remittances.
Many such heads of blockchain and crypto firms affirmed that remittances through crypto use cases had been significantly better. Mastercard has also partnered with many of these firms to offer payment solutions using the latest technologies.
The report said, “Mastercard’s crypto and blockchain services and its worldwide network are helping make crypto accessible and secure for billions of consumers—as well as for businesses and governments.”
It also described the Mastercard CBDC Sandbox, Consulting, and Partner program. According to the report, the firm is partnering with central banks and governments to explore and test CBDC use cases.
For instance, in 2023, Mastercard had collaborated with a crypto payments company to evaluate its features and tools. It also released Mastercard Crypto Credential, a new security feature for its clients, to detect suspicious users. Apart from its usual initiatives, it also launched a unique blockchain program for emerging music artists in early 2023.
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