On Thursday, June 7, Mastercard has come up with a conveyance and retrieval processes to verify users' payment credentials over a "publicly accessible blockchain."
How will it work?
In simple words, each payment card’s image will be encoded and stored on the blockchain with both public and private key. During a payment, the system uses the key to decrypt the image and verify it.
Why is this safer than what they do now? Because the card must be physically presented.
"The transaction may be conducted via the display of a machine-readable code to the point of sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display; the display can be easily shielded and is often obscured when in a pocket or purse," explains Mastercard in the official document.