Mastercard has teamed up with seven prominent blockchain and payment tech firms to delve into central bank digital currency (CBDC) exploration.

Among the participants are Ripple, which recently introduced a specialized CBDC platform, software company ConsenSys, tokenized assets solution provider Fluency, Giesecke+Devrient with its proprietary CBDC solution, Idemia specializing in offline payments, Consult Hyperion, and institutional custody platform Fireblocks.

Raj Dhamodharan, Mastercard's head of digital assets and blockchain, highlighted the importance of CBDCs being as easy to use as other forms of money in a digitally driven future.

The payment processing giant emphasised focusing on key aspects of the CBDC domain such as security, privacy, interoperability and driving innovation.

The partner companies have all contributed in some form to the development of CBDCs, a field which has garnered the attention and investigation of 93% of central banks around the globe, as they seek to unlock the potential of this innovative technology.

Mastercard has been actively engaged in cryptocurrency related ventures over the years and has shown staunch support for CBDCs, taking part in multiple projects with institutions such as the Bank for International Settlements, the New York Federal Reserve Bank, and various central banks.

This collaboration aligns with Mastercard's broader pursuit of deeper CBDC understanding, acknowledging their advantages and limitations, while exploring avenues to heighten efficiency and global economic utility.