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83 sats \ 3 replies \ @grayruby 1 Apr \ on: Mastercard is building a blockchain-powered payment network news
Isn't this supposed to be what XRP is for and banks don't even use it. Haha
I think it would be another plastic card which should convert fiat to digital assets, as mentioned in the article. But looking at how much time they have done r&d on it, I doubt mastercard have any clue how and what to do. Haha.
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It's true. We have been hearing about these private blockchain solutions for years but nothing really has become of it. Other than for niche use cases there really isn't much incentive for mega cap companies to upend their current processes to implement a blockchain solution. The current system of 3 days settlement (or whatever it is) sucks but everyone is so used to it, so unless they were losing market share to a competitor using a quicker, cheaper option why would they switch.
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Yes, they won't switch and they don't want to switch. The Blockchain tech is there for 15 years now and I haven't really seen them implementing it for anything else than CBDCs. But from India's CBDC experience, I can say it's not different than using fiat, in fact it's worse than that. I don't know why but India central bank have put a limit of 10000 INR transaction per day on CBDC.
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