Mastercard, a provider of global credit card underwriting and payment processing, added four new advisory services for its customers on Tuesday.
These include: Open Banking; Open Data; Environment, Social & Governance (ESG); and Crypto.
The majority of individuals are not aware that Mastercard has provided consultancy services for more than 20 years. The services cover a wide range of topics from data governance, various payment types can be integrated, sales tax can be reported and much more.
Mastercard's consultancy business is part of its Data & Services division, which employs over 2,000 engineers, data scientists and consultants in 70 countries.
It has been announced that Data & Services will hire 500 new graduates and experts for this expansion.
Mastercard's president of Data & Services, Raj Seshadri, says payments are just the beginning.
"We've spent the past 20 years working with our customers in banking, fintech, retail, travel, and other sectors, helping them tackle challenges and seize opportunities.
As the world and our businesses evolve, consulting has evolved as well. Helping our customers navigate the challenges of today and anticipating what's next is what we do."
Banking, lending institutions, and retail merchants make up a large segment of Mastercard's consulting activities.
Those customer groups, the company reports, are interested in a wide range of digital currency capabilities including blockchain education, risk assessments, NFT strategy development, crypto cards, and creating loyalty programs.
During the process of building out its internal team, MasterCard has partnered with digitally native firms that provide best-of-breed solutions in cryptocurrency, which means it has access to experts in the field.
Mastercard also cited success with assisting financial technology companies–also known as fintech–with expanding into new markets, as well as assisting with go-to-market planning and commercialization strategies as proof points of its experience with crypto.
Mastercard stated that it is assisting central banks in exploring the design and deployment of central bank digital currencies (CBDCs).
To research a variety of scenarios before the rollout, the government banks are using Mastercard's testing platform.
No specific governments were mentioned that the company is directly advising on CBDC development and deployment.