Mastercard’s Dynamic Yield Launches AI-Driven Shopping Muse to Enhance Online Retail

On November 30, 2023, Dynamic Yield by Mastercard, from its headquarters in Purchase, NY, introduced Shopping Muse, a breakthrough in the retail landscape. This advanced generative AI tool, Shopping Muse, is set to redefine how consumers engage with online retail platforms, providing a personalized shopping experience.

Shopping Muse is engineered to replicate the human touch in retail by translating colloquial language into specific product recommendations. The tool can navigate a variety of search terms, from trending aesthetics to specific dress codes like ‘cottagecore’ or ‘beach formal’. It leverages Dynamic Yield’s deep personalization technology, combining contextual and behavioral insights to suggest products that resonate with a consumer’s unique profile, intent, and preferences.

Raj Seshadri, President of Data & Services at Mastercard, emphasized the significance of tools like Shopping Muse in revolutionizing retail. He mentioned that Mastercard focuses on employing technology and machine learning for improved outcomes for both brands and consumers. Ori Bauer, CEO of Dynamic Yield by Mastercard, also highlighted the role of AI-driven innovation in providing immersive and tailored online shopping experiences.

Shopping Muse extends beyond phrase-based searches. Its image recognition capabilities allow consumers to find items based on visual similarities, enhancing the shopping experience when textual descriptions fall short. The tool also considers the consumer’s past interactions and purchases to make more accurate recommendations.

This development comes at a time when retailers are increasingly relying on generative AI solutions to keep up with fast-evolving trends and consumer expectations. The acquisition of Dynamic Yield by Mastercard in 2022, previously owned by McDonald’s, marked a strategic enhancement to Mastercard’s suite of consumer engagement and loyalty services. Dynamic Yield, now a global entity with offices in key cities, serves hundreds of clients, indicating a significant market presence.

Mastercard embeds advanced privacy safeguards in its products, adhering to Privacy by Design principles and responsible AI standards. The company’s mission focuses on connecting and powering a digital economy that is safe, simple, smart, and accessible globally.

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Mastercard Unveils Interoperable CBDC in Australia

Mastercard, in collaboration with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), has unveiled a pioneering solution that fosters the interoperability of Central Bank Digital Currencies (CBDCs) across diverse blockchain networks, aiming to bolster Web3 commerce both within Australia and globally. 

The venture represents a significant stride towards the harmonization of CBDCs with various blockchain ecosystems, ensuring their utilization by authorized entities in a secure manner. The technology demonstrated by Mastercard allows CBDCs to be tokenized, or “wrapped,” onto different blockchains, thereby expanding consumers’ ability to engage in commerce across multiple blockchain platforms securely and effortlessly. This initiative is part of a broader RBA and DFCRC project to explore the possible applications of a CBDC in Australia.

A notable aspect of this endeavor was a live demonstration where a holder of a pilot CBDC could purchase a Non-Fungible Token (NFT) listed on the Ethereum public blockchain. The process entailed the “locking” of the requisite amount of the pilot CBDC on the RBA’s pilot CBDC platform, followed by the minting of an equivalent amount of wrapped pilot CBDC tokens on Ethereum. It was imperative that the Ethereum wallets of both the buyer and seller, along with the NFT marketplace smart contract, were ‘allow-listed’ within the platform, showcasing the platform’s capacity to enforce controls, even on public blockchains.

The pilot leverages Mastercard’s Multi Token Network, introduced in June 2023, which provides a set of fundamental capabilities aimed at enabling more efficient payment and commerce applications using blockchain technology. By facilitating easy on-demand movement of digital currencies via Mastercard’s trusted network, more consumers could partake in crypto ecosystems using reliable forms of money, while reaping the benefits such as programmability and transparency that these currencies offer.

Notably, the interoperability between blockchains as demonstrated in this project could unlock new avenues of collaboration between public and private networks, thereby driving impactful advancements in the digital currency domain. Furthermore, the broader utilization of blockchain technology across various payments use cases aligns with Mastercard’s strategy to extend the functionality available in digital assets to regulated entities.

The participation of entities like Mintable and Cuscal in this pilot, alongside Mastercard, signals a progressive stance towards exploring innovative digital currency applications, potentially revolutionizing commerce, fraud prevention, and documentation processes

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Mastercard’s CBDC Initiative: Ripple Joins as Key Partner in Digital Currency Evolution

Central bank digital currencies (CBDCs), sometimes known as digital versions of fiat money backed by governments, are acquiring a substantial amount of traction around the globe. 93% of central banks are now involved in operations connected to CBDCs, and four retail CBDCs are already in full circulation, according to statistics from the Bank for International Settlements.

Mastercard is taking the initiative to understand and implement CBDCs by adopting a proactive approach. Jesse McWaters, who is in charge of worldwide regulatory advocacy at Mastercard, brought attention to the fact that it is necessary to address a variety of difficulties, some of which include the role that the private sector plays in the issuing of CBDCs, as well as security, privacy, and interoperability.

Mastercard has launched its CBDC Partner Programme in order to encourage cooperation among industry professionals and propel innovation in this space. Ripple, Consensys, Fluency, and Idemia, as well as Consult Hyperion, Giesecke+Devrient, and Fireblocks, are among the illustrious companies that have joined forces with this programme as partners. These organisations are hard at work on a variety of CBDC-related fronts right now. For example, Ripple very recently worked with the Republic of Palau to develop a government-issued national stablecoin, and the company is also participating in four CBDC pilots at the moment.

The head of digital assets and blockchain at Mastercard, Raj Dhamodharan, recently gave a presentation in which he emphasised the significance of payment interoperability as well as the convenience of CBDCs. He made the following statement: “As we look ahead towards a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”

Sebastian Baierle, who works at G+D as the manager of strategic alliances for CBDC, brought attention to the many goals that governments have in mind regarding CBDCs. For example, the Bank of Ghana wants to bring more people into the formal financial market by using CBDCs, but the Swedish central bank is primarily concerned with ensuring that customers have access to money that is directly guaranteed by the central bank.

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Mastercard Uses AI to Combat Real-Time Payment Scams

Mastercard has introduced a brand new artificial intelligence (AI)-powered solution with the intention of assisting financial institutions in combating payment fraud and scams in real time, ahead of any potential monetary abuses.

An statement made by the supplier of financial services on July 5 said that the artificial intelligence powering the ‘Consumer Fraud Risk’ solution has been educated using years’ worth of transaction data obtained via partnerships with financial institutions in the United Kingdom.

The technology is able to make a prediction as to whether or not a user is trying to transfer money to an account that has been previously connected with authorised push payment frauds by doing an analysis of the data. According to the revelation made by Mastercard’s President of Cyber and Intelligence Ajay Bhalla, in the past it has been great challenging for banks to identify these kinds of frauds. 

The objective is to make use of AI so that financial institutions can see situations like this in real time.

According to the official statement, Mastercard said that it has been using AI for the better the last ten years. Mastercard believes that this is a foundational technology. Mastercard claims that nine of the most prominent financial institutions in the United Kingdom, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have joined forces with the company to implement the solution.

Although the programme has only been implemented thus far with banks situated in the United Kingdom, Mastercard has said that it is now in talks about growth with several customers from across the globe, including those based in the United States of America, India, and Australia.


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Mastercard Launches Web3 Crypto Solution

Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.

The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.

The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.

CipherTrace’s suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Mastercard’s competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.

In conclusion, Mastercard’s new Web3 solution called the “Mastercard Crypto Credential” aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace’s suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company’s increasing involvement and investment in the crypto sector.


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Mastercard Launches Web3 Solution for Crypto Verification

Mastercard has launched a new Web3 solution aimed at improving the verification standards in the digital asset space. The solution, called “Mastercard Crypto Credential,” provides a unique identifier to users, enabling them to verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.

As part of the solution, Mastercard has partnered with several crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The firm has also partnered with several blockchains, including Aptos, Avalanche, Polygon, and Solana. To ensure compliance, Mastercard will tap into CipherTrace’s suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions.

The solution is designed to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The firm’s long list of partners behind the solution is a testament to its commitment to enhancing the crypto sector’s standards.

Mastercard has been steadily increasing its exposure to the crypto sector over the past few years. This latest announcement comes just a few weeks after the firm launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence tools, and other experiences to holders of Mastercard’s Music Pass NFT.

Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. Cuy Sheffield, the firm’s head of crypto, announced the project on Twitter and shared a job listing for the role, which notes that the company is “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

In conclusion, Mastercard’s new Web3 solution, “Mastercard Crypto Credential,” is designed to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution’s unique identifier will provide users with an added layer of security, allowing them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The firm’s long list of partners and its commitment to enhancing the crypto sector’s standards highlights its dedication to innovation and staying ahead of the curve.


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Mastercard Launches NFT-Gated Artist Accelerator Program

Mastercard, a legacy company rooted in traditional finance, has been actively involved in Web3 initiatives in recent years. On April 12, the company announced its latest venture, a new artist accelerator program. However, this time, it added a Web3 twist. The program is nonfungible token (NFT)-gated and therefore only accessible to holders of its Mastercard Music Pass NFT.

According to the announcement, the NFT is limited-edition and free until the end of the month for both musicians and fans. Mastercard has collaborated with Polygon to offer free access to educational materials, unique artificial intelligence (AI) tools, and other experiences as part of the program. The company has already selected five artists from different genres worldwide to participate in the program.

Raja Rajamannar, chief marketing and communications officer of Mastercard, said that the program is designed to help users “better understand and trust how blockchain and digital assets are used.” He added that “Web3 can be a powerful tool in connecting people and building communities around shared universal passions.”

Mastercard has been a long-time supporter and early adopter of Web3 technologies to bring fans and creators more opportunities to create “exclusive, inclusive and scalable experiences.” In addition to Web3 technologies, the artists participating in the program will be exposed to a new AI-driven music studio.

This announcement from Mastercard comes less than two months after it and Visa revealed that they would be holding back on all new crypto and blockchain partnerships. The financial service providers said that all new launches would be postponed until improved market conditions are visible, along with a clearer, more established regulatory framework.

It is clear that Mastercard is committed to exploring the possibilities that Web3 technology and blockchain can offer, despite some uncertainties surrounding the regulatory landscape. By launching this NFT-gated artist accelerator program, the company is providing a unique opportunity for musicians and fans to learn about and engage with the latest innovations in the industry. It remains to be seen how successful the program will be, but it is certainly an exciting development for those interested in the intersection of music and technology.


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Mastercard Enables USDC Spending in Asia

However, the blending of traditional and decentralized finance (DeFi) continues to strengthen despite the challenges. In Nigeria, crypto wallet MetaMask has partnered with crypto fintech MoonPay to enable users to purchase crypto via instant bank transfers without requiring a credit or debit card. This integration is estimated to reduce the decline rate for direct crypto purchases in Nigeria from 90% to 30%. Nigeria is a major market for MetaMask, ranking third in mobile monthly active users, and is also ranked by Chainalysis as one of the top 20 countries in cryptocurrency adoption.

On the other hand, OKX, a major crypto exchange, announced that it will no longer provide services or allow new accounts for Canadian users starting on March 24, 2023, citing “new regulations.” Customers in the country must close open options, margins, perpetuals, and futures positions by June 22 and withdraw their fiat or tokens by that date. In February, The Canadian Securities Administrators required crypto exchanges to sign new, legally binding undertakings while they await registration with regulators.

Despite these challenges, Bitcoin’s value proposition continues to attract attention as its price continues to climb following the collapses of Silvergate, Silicon Valley Bank, and Signature Bank. Cathie Wood, the CEO of ARK Invest, believes that Bitcoin’s current decoupling from the equity markets may attract more institutional investors into Bitcoin over time. Wood expects that most firms would allocate between 2.5% to 6.5% of their investment portfolios to BTC by 2030, taking the leading cryptocurrency’s price to $1–1.5 million.

Finally, crypto analyst Marcel Pechman explains the relationship between banking valuation and cryptocurrencies, specifically Bitcoin’s ethos, and provides insight on how to analyze banks and avoid inaccurate market capitalization indicators.

In conclusion, Mastercard’s partnership with Stables is a significant move in the adoption of stablecoins in the Asia-Pacific region, while challenges in the banking and regulatory sectors have not slowed down the blending of traditional and decentralized finance (DeFi). As the world continues to grapple with a global banking crisis, Bitcoin’s value proposition remains on full display, and its price continues to climb, attracting attention from institutional investors.


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Bitcoin Flips Visa Again

Since the beginning of the year, the price of Bitcoin (BTC) has increased by 48%, which has caused its market valuation to once again surpass that of the payment processing behemoth Visa.

According to CoinMarketCap, with the price of Bitcoin sitting at $24,365 at the moment, its market size of $470.16 billion is now only slightly more than that of Visa, which has a market cap of $469.87 billion at the moment.

Companies Market Cap reports that this is the third time Bitcoin has “flipped” Visa’s market cap, meaning that Bitcoin’s value has exceeded Visa’s value.

The first occasion was in late December 2020, coincidentally coinciding with the first time that BTC reached $25,000 in value.

This was accomplished during a price rise that saw BTC climb from $10,200 in September 2020 to $63,170 seven months later in April 2021. The price increase lasted for seven months.

BTC was able to take the lead over Visa for a very short period of time on October 1 before the payments business was able to reclaim their position as the market leader. Visa regained the lead between June and October 2022.

This advantage was further extended when, between November 6 and 10, 2022, the failure of the cryptocurrency exchange FTX took off more than $100 billion from the value of BTC in only four days.

However, since that time, BTC has had a complete recovery and has added an extra $65 billion to its market valuation of $408 billion as of November 6. This has allowed it to surpass the payment processing behemoth.

Because of the relatively tiny gap in their respective market caps, Bitcoin and Visa are now trading places on an hourly basis, which is something that should be taken into consideration.

Regarding the remarkable beginning that Bitcoin had in 2023, its third “flipping” of Visa occurred on the heels of a run of 14 days in a row during which the price increased. This run lasted from January 4 through January 17.

According to Google Finance, the market capitalization of Mastercard, the world’s second-largest payment processing network, is now $345.24 billion. BTC, on the other hand, has a significant lead over Mastercard.

However, Bitcoin is still trading at a discount of 63% compared to its all-time high of $69,044 that it hit on November 10th, 2021.


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Web2 and Web3 tools are merging as crypto-backed debit cards

As the use of crypto-backed debit cards becomes more widespread, there is an ongoing consolidation of Web2 and Web3 solutions.

Bit2Me, the most important cryptocurrency exchange in Spain, made a statement on February 10 about the launch of its new cashback debit card, which was developed in collaboration with Mastercard.

The original Bit2Me card allows its users to make transactions via the Mastercard network, which is used by millions of merchants all over the globe. This new upgrade gives consumers the opportunity to earn up to 9% bitcoin cashback on all transactions, regardless of whether they were done in-store or online.

At the click of a mouse, “[The] idea is that every user from anywhere in the globe has simple access to the boundless universe of Web3 financial services,”

Eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and Polkadot (DOT), as well as the stablecoin Tether, are supported via the card and wallet (USDT).

It has been claimed that the corporation intends to support other currencies before the end of the year. At this time, users may access Bit2Me from 69 different countries all around the globe. Users who reside in the European Economic Area (EEA), on the other hand, are only permitted to submit an application for the virtual form of the card.

After making the first statement in 2021 that it would be providing services all over the world, Bit2Me has been planning to expand its service offerings for some time now. When the local Spanish trading platform 2gether went down in July, the exchange was quick to step in and provide assistance to the 100,000 cryptocurrency investors who had been prevented from using its platform. This was done after the investors were barred from using the now-defunct site.

During this time, Mastercard has also been quite active in the Web3 arena, delivering new services and possibilities to its customers and users. Over the course of the previous year, it has selected at least seven blockchain and cryptocurrency firms to participate in its fintech accelerator program.

Additionally, the firm collaborated with Polygon to develop a Web3 musician accelerator program. This program will concentrate on the convergence of the music industry and new technology.

Mastercard made the announcement on January 31 that they would be working with Binance to offer their second prepaid cryptocurrency card in Latin American countries.


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Bitcoin (BTC) $ 41,871.22 4.97%
Ethereum (ETH) $ 2,233.37 2.10%
Litecoin (LTC) $ 72.40 0.66%
Bitcoin Cash (BCH) $ 248.95 8.48%