Opponents turned allies – It’s no longer a secret that the two card payment giants Visa and MasterCard are now all-out for cryptocurrencies, after having hampered their customers with credit cards in the purchase of crypto-assets so far in 2018. Now Mastercard even wants to help the industry ensure that pay in bitcoins or other cryptos becomes as simple and fast as with any bank card.
Mastercard aims to help cryptocurrency adoption
In a recent official statement, Raj DhamodharanExecutive Vice President of MasterCardexplains that digital assets could deeply to change how consumers shop and communicate.
The leader, however, details 5 axes of development which, according to him, will make it possible to fully unleash the potential of Bitcoin (BTC) and cryptocurrencies. With this adoption, it is a promise of transactions “faster, simpler and cheaper” which would also happen.
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5 major axes to develop crypto-payments
1. The cards crypto payments in CB format would be the first element to dig into. It is in fact a “precious gateway” between existing financial services and the cryptosphere.
2. The services relating to cryptocurrencies come next. Cybersecurity, digital identification, consulting: there is no shortage of service sectors to be developed.
3. This axis is self-evident: developing the payments in digital currencies. For this, Mastercard has partnered with crypto players such as Paxos, Circle, Evolve and Uphold. This in order to streamline conversions crypto/fiat currencies.
4. The integration of digital assets on networks Mastercard transfers. Be careful however, the giant explains that only a cryptocurrency that offers “consumer protections, strict regulatory compliance and stability” can be selected.
5. And finally, the metaverse and the NFT. For this last point, the Mastercard group explains that it multiplies the partnerships to support these 2 crypto sectors. In particular, users of Coinbase can pay their non-fungible tokens via their credit card MasterCard.
Moreover, Raj Dhamodharan takes the opportunity to recall that such collaborations with 8 new marketplaces of NFT should arrive soon. On the side of its competitor Visa, it is also the race for crypto adoption. Beginning of October 2022, Visa has thus partnered with the FTX platform to offer a new crypto-payment card.
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