Background: Mastercard is the $454 billion US payments and tech company. And while its bread and butter is issuing credit/debit cards and payment terminals, it's a little more forward-thinking than you'd think.

What happened: Earlier this year, Mastercard said they'd start supporting select cryptocurrencies directly on their network. And now, they want in on Australia's new open banking system.

What else: This crew have now applied to become accredited as a data recipient in Oz. In other words, they've applied to receive bank account data from customers that consent to it. It's a big step in their plan to be seen as more than just a card company.

So what's the key learning?

💡 Open banking is literally what it sounds like. Banking, that aims to be a lil more open and it's actually all about helping consumers get better outcomes. 

💡It allows you to share your banking data with whoever you want. And this could benefit you in heaps of ways. Think: more suitable financial products, cheaper deals on your gas or better personalisation.

💡And while it's really cool for you, it also works for companies like Mastercard, who can learn more about you as a customers and then start growing their business to fit your needs.