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Worldpay is making significant strides towards enhancing its involvement in blockchain technology by entering discussions with various blockchains to become a validator, responsible for verifying blockchain transactions.
This move is aimed at gaining a deeper understanding of digital ledger systems and actively engaging with blockchain infrastructure, according to a report by Bloomberg on Thursday (Sept. 26). The information was shared during an interview with Sanchit Mall, Worldpay’s Web3 and crypto lead for the Asia-Pacific region.
“The idea is to be part of the ecosystem right at the base,” Mall noted, highlighting the importance of direct involvement in blockchain technology.
So far in 2024, Worldpay has processed $1.3 billion in payments using stablecoins, marking a significant increase from less than $1 billion in 2023, the report indicates.
Although blockchain was once synonymous with cryptocurrency, its applications are now expanding into mainstream industries.
Public blockchains, in particular, are gaining popularity among these industries. Mastercard has also made a notable push into the public blockchain space. In April 2023, the company introduced the Mastercard Crypto Credential, a set of standards and infrastructure designed to help verify transactions on blockchain networks. This initiative is meant to ensure that financial institutions, governments, brands, and crypto organizations adhere to defined standards as they operate in Web3 environments.
“Building and scaling trusted ecosystems to enable commerce is something we’ve done for years at Mastercard,” said Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard. “We’re excited to bring decades of experience to this space, working with the broader industry and governments to foster innovation and enhance trust.”
Worldpay became an independent entity in February 2024, following its sale by FIS to private equity firm GTCR. FIS had originally acquired Worldpay in 2019.
“As an independent company, Worldpay is focused on delivering greater value, innovation, and service to clients through increased investments in product development, technology, and client solutions,” Worldpay stated in a press release announcing the sale.
Since then, Worldpay has collaborated with Mastercard to speed up transaction dispute resolutions and reduce chargebacks. Additionally, the company has launched a tap-to-pay solution that payment facilitators can offer to merchants.
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