Worldpay is reportedly in talks with blockchains about becoming a validator and verifying blockchain transactions.
The payments provider aims to do so to better understand how digital ledgers operate and to be involved with blockchain infrastructure, Bloomberg reported Thursday (Sept. 26), citing its interview with Sanchit Mall, Worldpay’s Web3 and crypto lead in the Asia-Pacific region.
“The idea is to be part of the ecosystem right at the base,” Mall said, per the report.
Worldpay has processed $1.3 billion worth of payments using stablecoin so far this year, up from less than $1 billion in 2023, according to the report.
Blockchain technology was once synonymous with cryptocurrency but is now expanding into mainstream industries, according to the PYMNTS Intelligence, Solana and Solana Foundation collaboration, “Blockchain’s Benefits for Regulated Industries.”
Public blockchains are gaining traction among regulated industries, in part due to advancements that have bolstered their privacy and security features, the report found.
Mastercard unveiled standards and infrastructure designed to help verify interactions using blockchain networks in April 2023, saying the Mastercard Crypto Credential is meant to ensure that financial institutions, governments, brands and crypto organizations are meeting defined standards for the types of activities they would like to pursue in Web3 environments.
“Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard,” Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, said at the time. “We’ve done this for years in payments — pioneering innovation in identity verification and global standards. We look forward to bringing decades of experience to this space to enhance trust and work with the broader industry and governments to enable further innovation.”
Worldpay became an independent company in February when former owner FIS finalized 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 clients through increased investment in product development, technology and client solutions,” the company said in a press release announcing the news at the time.
Since then, Worldpay teamed up with Mastercard to help merchants settle transaction disputes faster and reduce chargebacks and launched a tap-to-pay offering that payment facilitators can offer their merchants.