- Mastercard believes digital assets like cryptocurrencies and central bank digital currencies have the potential to transform the financial system.
- Mastercard is focused on crypto cards and this is the first area to expand and rollout crypto payment services.
- The American multinational card giant has outlined five areas where cryptocurrencies will become everyday payment methods.
Mastercard, one of the biggest financial institutions in the US, is keen on rolling out crypto payment services to include in users’ everyday lives. The US giant’s steps crypto payments are expected to drive mainstream adoption of digital assets.
Also read: Shiba Inu price: Will SHIB price double with 20 million daily token burn?
Mastercard sets eyes on mass adoption of crypto, metaverse and NFTs
Mastercard, an American multinational financial services corporation headquartered in the New York has identified five key crypto areas it is working on in order to “turn cryptocurrencies into an everyday way to pay.”
The ability to own and spend digital currencies could soon be as seamless as contactless card payments, said one executive of the company. On Wednesday, the firm announced that it has identified five different areas of work to drive everyday adoption and utility of crypto.
Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard, was quoted as saying:
Digital assets like cryptocurrencies and central bank digital currencies [CBDCs] have the potential to transform the financial system’s infrastructure.
The first of the five key areas is crypto cards and Mastercard has already rolled out dozens of new crypto card programs in 2022. In collaboration with Gemini, Mastercard offers a credit card with crypto rewards for US-based users. In Europe, the world’s first physical crypto debit card made its debut and Argentinian users got a prepaid card through Mastercard’s partnership with Binance.
The second key area is services and the giant is a provider of cybersecurity, digital ID, advisory and open banking services to tens of thousands of financial institutions. The firm looks forward to adding support and services for crypto players and offer consulting dedicated to their practice.
Payments is the third area where Mastercard has partnered with a handful of top-tier crypto-focused companies, including Paxos, Circle, Evolve and Uphold to develop ways for people to quickly convert their crypto to fiat to make payments.
The fourth area of Mastercard’s plan is focused on crypto on the giant’s business networks and the plan is to introduce Mastercard-approved digital assets onto their networks.
Metaverse and NFTs are the fifth area in which Microsoft would roll out its partnerships and extend support for the ecosystem to grow. Dhamodharan said,
We’re [Mastercard] excited to prioritize these core areas to give people more access to the crypto ecosystem and help it keep innovating and growing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.