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Mastercard launches generative AI chatbot to help you shop online

November 30, 2023 Coin Telegraph

Coin Telegraph

Digital personalization company Dynamic Yield by Mastercard was purchased from McDonalds in 2022.

Dynamic Yield by Mastercard, a digital personalization and artificial intelligence subsidiary of Mastercard, announced the launch of its Shopping Muse generative AI chatbot assistant for ecommerce on Nov.

The AI system was revealed in a company blog post.

Shopping Muse generative artificial intelligence

Generative AI systems, such as OpenAI’s ChatGPT and DALL-E, are designed to convert colloquial user commands into text, video, audio, or even computer code.

In the case of Shopping Muse, users can make plain language requests in the context of an online marketplace and the AI system will generate personalized recommendations via a process Dynamic Yield refers to as algorithmic content matching.

As Ori Bauer, CEO of Dynamic Yield by Mastercard, describes it:

“Personalization gives people the shopping experiences they want, and AI-driven innovation is the key to unlocking immersive and tailored online shopping. By harnessing the power of generative AI in Shopping Muse, we’re meeting the consumer’s standards and making shopping smarter and more seamless than ever.”

Dynamic Yield by Mastercard

Mastercard acquired digital personalization firm Dynamic Yield in 2022 from then-owner McDonalds.

It boasts hundreds of clients for its personalization and data services with a reported 400 rands represented.

Mastercard Partners With Artificial Intelligence Firm To Combat Crypto Fraud

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Mastercard combats crypto fraud with latest AI integration

November 20, 2023 Coin Telegraph

Coin Telegraph

Mastercard announced it will integrate a new AI tool to detect and prevent fraud routed through cryptocurrency exchanges.

Financial services provider Mastercard revealed a new partnership with artificial intelligence (AI) firm Feedzai, according to reports from CNBC on Nov. 20.

Mastercard says this integration aims to boost its ability to detect and prevent fraud routed through cryptocurrency exchanges.

According to the report, Feedzai will be integrated directly with Mastercard’s CipherTrace Armada platform, a tool for banks to monitor transactions from thousands of crypto exchanges for fraud and other suspicious activities.

Feedzai’s software was built to identify and block suspicious transactions in “nanoseconds” using AI. Data from Feedzai says that nearly 40% of scam transactions go directly from bank accounts to crypto exchanges.

Nuno Sebastio, the CEO and co-founder of Feedzai, said the technology will “increase fraud detection by protecting unwary consumers” while also detecting any money laundering activity or mule accounts.

“Numerous banks that believe they are preventing illegitimate cryptocurrency transactions are, in fact, only blocking transactions involving the widely recognized and regulated entities within the crypto space and omitting the rest.”

Cointelegraph has reached out to Mastercard for further comment on the development.

This comes shortly after Mastercard announced another AI-powered tool in July, which it deployed to help banks fight fraud and payment scams involving real-time payments.

The financial services provider has made its presence known in the Web3 and crypto space. It has launched crypto-based Mastercards in partnership with major crypto exchanges, such as Nexo and Binance.

Mastercard has also recently been involved in trials wrapping central bank digital currencies (CBDCs) on blockchains. On Oct. 12, it announced a successful attempt in collaboration with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre CBDC, with participation from Cuscal and Mintable.

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Singapore startup dtcpay launches retail crypto payments system with Chinese partners

November 10, 2023 Coin Telegraph

China

Dtcpay, formerly Digital Treasures Center, is MAS-registered and already provides some point-of-sale and online crypto payment services.

Singapore-based dtcpay is launching a payment system that will use fiat and cryptocurrencies for in-store and online payments. The company mentioned Tether (USDT), Ether (ETH) and Bitcoin (BTC) in its announcement.

The company is partnering with open-source blockchain PlatON for privacy-protected digital infrastructure and Allinpay International to create smart terminals and a digital interface. Both PlatOn and Allinpay are based in China. Dtcpay and Allinpay are registered with the Monetary Authority of Singapore (MAS) as major payment institutions.

A spokesman for Allinpay parent company Tonghua International said:

“This cooperation will […] Help merchants better adapt to the modern payment trend and meet the needs of young consumers.”

Dtcpay will exchange fiat and crypto and onboard new cryptocurrencies in the new service. It already provides point-of-sale and online checkout. In September, dtcpay concluded a deal with London-based Sumsub to provide Know Your Customer services for the dtcpay digital wallet and entered into an agreement with Singapore POS provider Jeripay to provide crypto payment services on its 8,000-terminal network.

Founded in 2019 and originally known as Digital Treasures Center, dtcpay was selected to participate in Mastercard’s Mastercard Start Path program for crypto and blockchain startups in November 2022. It received backing by the Pontiac Land Group real estate conglomerate in a pre-seed funding round in June.

Dtcpay last month raised $16.5 million in a pre-Series A round led by Kwee, the chairman of Pontiac Land. The investment will see some of Pontiac Land’s hotels soon accept payments in crypto: by @zinnialee23 https://t.co/D5vdnHBtYL
— Forbes Crypto (@ForbesCrypto) July 17, 2023

Electronic payment is common in Singapore, which is considered to have progressive cryptocurrency regulation, including consumer protection. Coinbase and Ripple received major payment institution licensing from MAS in October. The city-state is also experimenting with central bank digital currency, but the MAS has stated that it sees “no urgent use case” for a retail CBDC.

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Wirex taps ZK-proofs for noncustodial crypto debit card issuance

October 5, 2023 Coin Telegraph

Bitcoin Debit Card

Wirex first launched its crypto debit card in 2015 and currently claims over six million customers.

Crypto payment service provider Wirex announced the launch of a zero-knowledge proof (ZK-proof)-based noncustodial crypto debit card service called W-Pay on Oct. 3.

Wirex’s new decentralized solution utilizes zero-knowledge technology and is built on Polygon’s Chain Development Kit (CDK), promising increased scalability and security. Polygon’s CDK has been built with ZK-proofs in focus, enabling companies and users to develop their own ZK-powered layer-2 rail.

ZK-proofs-based scalability solution has become quite popular in the crypto space as the zero-knowledge protocol allows one party to convince another party that something is true without disclosing anything other than the fact that the claim in question is true. Over time, Ethreum and the likes of Polygon have seen the most development related to ZK-proofs.

W-Pay offers a range of ground-breaking features that enable non-custodial wallets and decentralized applications (dApps) to issue non-custodial crypto debit cards. The firm claimed that the decentralized approach would eliminate any third-party risks and ensure that account owners retain sole control over their money.

Some of the key features of W-Pay include swift and secure transactions through the integration of Zero-Knowledge technology as well as Ethereum virtual machine (EVM) compatibility and Account Abstraction (AA), a feature that streamlines transaction processes by eliminating inherent complexities.

The ZK proofs-based decentralized solution enables card transactions up to a predetermined limit and also supports the integration of decentralized applications (dApps) and non-custodial wallets with conventional payment rails. The firm said that W-Pay will usher in a new era of on-chain card payment services.

Wirex created the first payment card with crypto functionality in 2015, enabling users to interchangeably utilize digital and fiat money in daily transactions. Wirex claims to have a customer base of over six million and is a principal member of Visa and Mastercard.

The recent zk-proofs-based decentralized solution from Wirex comes amid difficulties with its card partner UAB PayrNet. Lithuania’s central bank revoked the license of UAB PayrNet in June, forcing the company to shutter its services in the European Economic Area (EEA).

Wirex has not yet responded to Cointelegraph’s request for comments.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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Digital yuan app adds prepaid Mastercard Visa top-ups for tourists

September 25, 2023 Coin Telegraph

China

The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option.

Tourists planning to visit the People’s Republic of China can now pre-charge their digital yuan wallets using Visa and Mastercard payment options as the nation continues to update the mobile app powering its central bank digital currency (CBDC) pilot.

The e-CNY app, which is still in its pilot version, is available to iOS and China-based Google Play Store users. The application serves individual users, allowing them to open digital yuan wallets to use e-CNY.

As per the latest iOS app update published on Sept. 22, version 1.1.1 supports its top-up service with international card options.

*The latest version of e-CNY app on the Apple App Store introduces the top-up service for international cards. Source: e-CNY app*

According to a number of local Chinese news outlets, the latest version of the e-CNY app coincides with the start of the Asian Games.

*A tutorial for foreign users outlining the process of signing up using an international number. Source: e-CNY app.*

China has extensively trialed using the digital yuan as a payment option for foreigners visiting the country. According to Yicai, the Beijing Winter Olympics in 2022 marked the beginning of the CBDC pilot being open for tourists as a means to transact with local merchants using e-CNY.

Inbound tourists are reportedly able to make use of overseas mobile numbers to register and open e-CNY wallets and make use of the recharge wallet feature, which now supports Visa and Mastercard payments.

As Cointelegraph recently reported, China is making moves to ensure that the digital yuan is available as a payment option for all retail payment scenarios. This would make the digital yuan a ubiquitous payment method in China between retail users and merchants.

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Binance Discontinues Mastercard-Backed Crypto Card in Latin America and Middle East As Legal Challenges Mount

August 25, 2023 The Daily Hodl

Mastercard

Shopping Muse generative artificial intelligence

Dynamic Yield by Mastercard

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