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MasterCard is diving deeper into distributed-ledger technology, adding three blockchain-based APIs to MasterCard Developers, its platform for app programmers.

Focused on core blockchain, smart contracts, and faster payments, the APIs will be available to developers from banks and retailers, as well as other clients, and the firm will encourage them to test them for a variety of offerings, including P2P and B2B payments. For context, MasterCard has been historically cautious about its blockchain-based initiatives, so this marks some departure. 

The move comes as interest in blockchain begins to deepen. Ninety percent of banking professionals have said their company is currently exploring the use of blockchain, best known for powering cryptocurrencies like bitcoin, according to new data from Accenture. That’s indicative of massive interest, likely because the technology can increase efficiency and reduce cost. Santander estimates that blockchain technology could cut industry costs by up to $20 billion annually through 2022.

And as a result, could provide MasterCard with two distinct advantages:

• Customer acquisition: Strong bank interest in blockchain technology and the benefits that it brings could drive interested firms to use MasterCard’s APIs or engage with the card network more often. That’s especially true because APIs could allow firms to dabble in blockchain while avoiding some of the associated research and development start-up costs. That benefits MasterCard, because in addition to drawing in these companies, it also tightens their relationship and could increase engagement and loyalty. 
• Industry competition: MasterCard revamped its developer hub following the launch of a similar Visa platform earlier this year. And Visa recently announced a partnership with Chain for a blockchain-based B2B payments platform. Though MasterCard is going about it in a different way, implementing blockchain and opening up access to the new technology for its clients could help them stay at the top of the space.

Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to Santander.

That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.

As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain. 

Jaime Toplin, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain technology that explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years.

Here are some key takeaways from the report:

• Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year.
• Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well.
• Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years. 

In full, the report:

• Examines the funding increases that are pouring into blockchain
• Assesses why blockchain is becoming so popular and what factors are driving up increased research and development
• Explains in full how blockchain technology work and what assets make it valuable and vulnerable
• Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them
• Demonstrates the challenges to mainstream adoption and their potential solutions

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology.

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Bitcoin Core launched its latest software release last week, which includes a proposed Segregated Witness soft fork. If a majority of miners...

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Switzerland is moving to regulate bitcoin and blockchain tech.

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The amount of debit cards is growing at a faster rate than that of credit cards, according to RBR’s Global Payment Cards Data and Forecasts to 2021 study.

Debit cards now represent 70% of payment cards globally, a 2% increase from 2014, and that's expected to hit 72% by 2021. Debit card growth will drive up the total amount of payment cards worldwide even as credit cards decline.

Emerging markets will lead the debit card charge. There are 2 billion people who are unbanked, according to the World Bank, indicating that a massive portion of the global population lacks access to banking services. As a result, financial institutions are already starting to move into regions with large un- or underbanked population in an attempt to capitalize those markets.

One such method for doing this is building up payment card infrastructure and issuing debit- or debit-like products to consumers in order to connect them to mainstream financial institutions, like prepaid cards that are offered by both Visa and Mastercard. In response, these regions are growing fast —in  2015, the Middle East/Africa and Asia-Pacific regions grew 13% and 10% respectively in terms of payment cards issued, this represents the fastest rates of any regions. 

And as debit growth accelerates, credit card adoption is suffering. 

• Credit card growth is hurt by interchange fee regulations. In December 2015, the European Union implemented a cap on interchange fees in order to facilitate simpler card processing fees and added transparency. However, this cap has reduced the incentive for banks to issue credit cards because they can no longer profit as much as they once had. Also impacted by new regulations are credit card companies such as Mastercard, which lost $90.5 million in the UK due to a interchange fee lawsuit by grocery chain Sainsbury’s. 
• Economic instability makes issuing credit cards riskier for banks. In unstable times the risk of consumers driving up credit card debt and defaulting on their payments increases. That may result in banks adding tougher restrictions or increasing interest rates for credit card usage in some growing markets like Russia, which could deter consumers, according to Finextra.

The balance between debit and credit cards will be a focal point of the future of the payments ecosystem, which has grown to include merchants, issuers, processors, and more.

Evan Bakker and John Heggestuen, analysts at BI Intelligence, Business Insider's premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.

Here are some key takeaways from the report:

• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.

In full, the report:

• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.

To get your copy of this invaluable guide, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.

Join the conversation about this story »

Bitcoin takes the blame for scammers' and schemers' ways.

The post Pyramid Scheme sees Vietnamese Government Warn Against Bitcoin Usage appeared first on CryptoCoinsNews.

One bitcoin entrepreneur isn't going down without a fight, following the promulgation of the BitLicense regulation and his company's subsequent failure.

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Zcash traded at twice the price of bitcoin on 1st November, as the market for this newly listed digital currency moved closer to equilibrium.

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