Worldpay is reportedly in talks with blockchains to become a validator and verify blockchain transactions.
The payments provider aims to do this to better understand how digital ledgers work and get involved in blockchain infrastructure, Bloomberg reported on Thursday (September 26), citing its interview with Sanchit Mall, Worldpay’s head of Web3 and crypto in the Asia-Pacific region.
“The idea is to be part of the ecosystem from the ground up,” Mall said, according to the report.
Worldpay has processed $1.3 billion in payments using the stablecoin so far this year, compared to less than $1 billion in 2023, according to the report.
Blockchain technology was once synonymous with cryptocurrency, but it is now expanding into traditional industries, according to the PYMNTS Intelligence, Solana and Solana Foundation collaboration, “The Benefits of Blockchain for Regulated Industries.”
Public blockchains are gaining traction among regulated industries, in part due to advancements that have strengthened their privacy and security features, according to the report.
In a previous separate attempt in the public blockchain space, Mastercard unveiled standards and infrastructure designed to help verify interactions using blockchain networks in April 2023, saying the Mastercard Crypto Credential is intended to ensure that institutions Financial, government, brand and crypto organizations meet defined standards for the types of activities they wish to pursue in Web3 environments.
“Establishing and developing trusted ecosystems to enable commerce is not new to Mastercard,” Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said at the time. at Mastercard. “We’ve been doing this for years in payments: we’re pioneers in identity verification and global standards. We look forward to bringing decades of experience in this area to build trust and work with the wider industry and governments to enable more innovation.
Worldpay became an independent company in February when former owner FIS completed the sale of Worldpay to private equity firm GTCR. FIS purchased Worldpay in 2019.
“As an independent company, Worldpay is committed to bringing greater levels of value, innovation and service to its customers through increased investments in product development, technology and customer solutions,” said the company in a press release announcing the news at the time.
Since then, Worldpay has partnered with Mastercard to help merchants resolve transaction disputes faster and reduce chargebacks, and launched a Tap-to-Pay offering that payment facilitators can offer to their merchants.
