It’s no longer a secret that the two card payment giants Visa and Mastercard are now all about crypto-currencies, after hindering their CB-owning customers from purchasing crypto-assets until just 2018. Now, Mastercard even wants to help the industry make paying with bitcoin or other cryptos as easy and fast as with any bank card.
Mastercard aims to help the adoption of cryptocurrencies
In a recent official statement, Raj Dhamodharan, executive vice president of Mastercard, explains that digital assets could profoundly change the way consumers shop and communicate.
However, the executive details 5 areas of development that he believes will fully unlock the potential of Bitcoin (BTC) and cryptocurrencies. With this adoption, it is a promise of “faster, simpler and cheaper” transactions that would also be realized.
5 major axes to develop crypto-payments
- Crypto payment cards in CB format would be the first element to be explored. It is indeed a “valuable gateway” between existing financial services and the cryptosphere.
- Cryptocurrency-related services come next. Cybersecurity, digital identification, consulting: there is no shortage of service sectors to develop.
- This axis is an obvious one: developing digital currency payments. For this, Mastercard has partnered with crypto players such as Paxos, Circle, Evolve and Uphold. This is to make crypto/fiat currency conversions more fluid.
- The integration of digital assets on Mastercard’s transfer networks. Be careful though, the giant explains that only a cryptocurrency that offers “consumer protections, strict regulatory compliance and stability” will be able to be selected.
- And finally, metavers and NFTs. For this last point, the Mastercard group explains that it is multiplying partnerships to support these 2 crypto sectors. Notably that Coinbase users can pay their non-fungible tokens via their Mastercard CB.
Moreover, Raj Dhamodharan takes the opportunity to remind that such collaborations with 8 new NFT marketplaces should arrive soon. On the side of its competitor Visa, it is also the race to adopt crypto. In early October 2022, Visa thus partnered with the FTX platform to offer a new crypto payment card.