Mastercard allowing merchants to accept some cryptocurrencies directly later this year, it’s for those crypto assets who meet the criteria of safety, compliance, and stability would be allowed on the Mastercard network.
Does MasterCard accept Bitcoin?
Mastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player
The company announced the big news on Wednesday, and this change will be the latest embrace of digital coins by a traditional payments player.
“We are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however they want,” Mastercard’s executive vice president for digital assets Raj Dhamodharan said in a blog post (link).
Is there a crypto credit card?
Crypto credit cards are supported by the help of Visa and MasterCard, two global financial networks. After receiving a license from the companies, a crypto company will issue a crypto card to you which is supported at any store that accepts Visa or MasterCard payments
MasterCard Crypto ambitions are already in place, as its working with some crypto platforms by allowing the people to spend their crypto-asset but via special arrangements, the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. But by the latest move of Mastercard to support it on their network will remove the inefficiencies in that process and that will facilitate both the merchant and crypto platforms. Dhamodharan said, “By moving to support some crypto assets directly, Mastercard will “cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases”.
Mastercard will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and “offer the stability people need in a vehicle for spending, not investment.”
With the rise in fintech, most of the traditional financial platforms are continuously experimenting with the new digital assets to vastly evolve themselves in the continuously changing landscape of technology and innovation. MA had already disclosed that it’s held discussions with central banks about the possibility of “central bank digital currencies,” which would serve as alternative ways to pay beyond fiat currency.
Mastercard Chief Executive Michael Miebach said on the company’s latest earnings call that Mastercard’s emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.
Visa Inc. CEO Al Kelly said on Visa’s (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. “These wallet relationships represent the potential for more than 50 million Visa credentials,” he said.
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