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In 2024, Mastercard tokenized approximately 30% of all transactions. The company also focused on enhancing payment blockchain solutions and streamlining access to digital assets.
Payment giant Mastercard released its 2024 report, emphasizing significant advancements in the realm of payment ecosystem innovations. For instance, card numbers in transaction processing are being substituted with secure digital tokens, and these tokenized data are now utilized in roughly one-third of all transactions.
Mastercard also broadened its partnerships with cryptocurrency firms to facilitate the purchase of cryptocurrencies via cards and their subsequent use for payments of goods and services. The payment network continues to develop solutions for engaging with digital assets, including stablecoins and other cryptocurrencies, through collaborations with banks and FinTech companies.
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The report further notes the expansion of Mastercard’s Multi-Token Network (MTN), which collaborates with financial institutions to enable programmable payments and enhance security, scalability, and compatibility within blockchain ecosystems. Additionally, the Alias-Based Remittances and Payouts platform achieved success, simplifying cross-border transfers by allowing payments with digital assets.
Mastercard’s net income in 2024 reached $12.87 billion, reflecting a 15% increase compared to the previous year.
The report also underscores the rising competition for traditional payment solutions, driven by stablecoins, central bank digital currencies (CBDC), instant payment banking systems, and FinTech solutions. This may impact Mastercard’s standing in the global market in the future.
The total transaction volume using stablecoins reached $27.6 trillion in 2024, which was 7.68% higher than the combined transaction volume within the Visa and Mastercard payment networks.
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