Mastercard is planning to cut three per cent of its global workforce.

The move, first reported by Bloomberg, will see around 1,000 jobs axed.

The job cuts, most of which are expected to be completed in the third quarter, form part of a wider reorganisation that the the international payments giant announced in April.

The company said it plans to redeploy resources into growth areas, including "opening acceptance in new verticals and continuing to apply technology in ways that help us realise even more of the shift to digital across both consumer and commercial."

Additionally, Mastercard aims to improve and expand its Value-Added Services, such as in data analytics, fraud and cyber security, particularly as it further embeds AI into its products and services.

"We recently announced organisational changes, realigning the regions and businesses to accelerate growth and unlock capacity that will enable investment in long-term opportunities," said a Mastercard spokesperson. "This focus on growth and value is what you have seen consistently from Mastercard – reinforced by our performance over decades."

In February, Mastercard announced it was rolling out new generative AI (GenAI) technology to help banks tackle fraud.

The company said that the technology scans an “unprecedented” one trillion data points to predict whether a transaction is likely to be geninue or not.

Mastercard already uses decision intelligence (DI) technology to safely approve around 125 billion transactions a year.

The GenAI works by assessing the relationships between several entities surrounding a transaction in order to determine its risk.

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