Mastercard’s Start Path Program Invites Five Startups to Explore Blockchain Applications
Mastercard, a leading global payments and technology company, has recently invited five startups to join its Start Path program. The initiative aims to explore the potential of blockchain technology in various sectors. This move signifies Mastercard’s commitment to fostering innovation and supporting the growth of promising startups.
Understanding Mastercard’s Start Path Program
Launched in 2014, the Start Path program is Mastercard’s global initiative to support innovative startups from around the world. The program provides startups with operational support, technology expertise, and commercial engagement within Mastercard’s ecosystem. Since its inception, Start Path has worked with over 250 startups, helping them scale and secure strategic investments.
The Five Startups Exploring Blockchain Applications
The five startups invited to the Start Path program are set to explore various applications of blockchain technology. These startups include:
- Envisible: A company that uses blockchain to improve food supply chain transparency.
- Everledger: A startup that leverages blockchain for asset tracking and certification.
- Provenance: A platform that uses blockchain to provide supply chain transparency.
- Flutterwave: A payment solution provider that uses blockchain to facilitate cross-border transactions.
- Goodr: A food waste management company that uses blockchain to track and redistribute surplus food.
Why Blockchain?
Blockchain technology has the potential to revolutionize various sectors, from finance to supply chain management. Its decentralized nature ensures transparency and security, making it an ideal solution for many business challenges. Mastercard’s decision to explore blockchain applications through the Start Path program is a testament to the technology’s potential.
Mastercard’s Commitment to Blockchain Technology
Mastercard has been a strong advocate for blockchain technology. In 2019, the company joined the Marco Polo Network, a consortium of global financial institutions exploring blockchain technology for trade finance. Additionally, Mastercard has filed over 100 blockchain patents, further demonstrating its commitment to the technology.
Impact on the Startups
Being part of the Start Path program provides the startups with a unique opportunity to collaborate with Mastercard and gain access to its global network. This partnership can help the startups scale their solutions, secure strategic investments, and gain credibility in the market.
Future of Blockchain in the Payments Industry
Blockchain technology has the potential to transform the payments industry by enabling faster, more secure, and transparent transactions. According to a report by MarketsandMarkets, the blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3% during the forecast period. This growth is driven by the increasing adoption of blockchain technology in various sectors, including payments.
Conclusion
Mastercard’s Start Path program’s invitation to five startups to explore blockchain applications signifies the company’s commitment to fostering innovation and supporting promising startups. It also highlights the potential of blockchain technology in transforming various sectors, including payments. As blockchain technology continues to evolve, it will be interesting to see how these startups leverage it to create innovative solutions that address business challenges and drive growth.
With the support of Mastercard’s Start Path program, these startups have a unique opportunity to scale their solutions, secure strategic investments, and gain credibility in the market. This initiative is a testament to Mastercard’s commitment to fostering innovation and supporting the growth of promising startups. As the world continues to embrace digital transformation, initiatives like the Start Path program play a crucial role in driving innovation and growth.
