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Mastercard Initiates To Make Cryptocurrencies An Everyday Payment Method

17 Oct, 20223 min readEthereum
Mastercard Initiates To Make Cryptocurrencies An Everyday Payment Method

Since cryptocurrencies came into existence, world organizations have treated the industry differently. While few added support for crypto, others disapproved inclusion of digital assets due to high volatility.

But, the American multinational payment firm Mastercard shows a keen interest in utilizing cryptos as a financial instrument. The company revealed its intentions to unlock the doors for virtual assets to be used in everyday life.

Raj Dhamodharan, one of Mastercard’s executives, explained that to enable seamless crypto transactions in daily use, it needs to bring multiple sectors together, such as tech, fintech, banks, and crypto companies. Raj is an executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard.

Raj uncovered in an official blog post on Wednesday that the company has been working in the five key crypto areas to “turn cryptocurrencies into an everyday way to pay.” He noted;

These collaborations could also help the crypto ecosystem improve safety for its users, weather future market turmoil, and reach greater mainstream adoption. Someday soon, the ability to own and spend a digital currency could be as seamless as making a contactless card payment.

Five Key Areas Mastercard Sees As Triggers To Accelerate Crypto Adoption

In its plan to revolutionize the financial system, Mastercard’s first priority is to introduce crypto cads around the globe. However, American firms have already unveiled cryptocurrency-based card services in several regimes.

For instance, Mastercard launched its prepaid crypto cards in Argentina starting last August. Collaborating with the giant exchange Binance, Mastercard Inc. enabled crypto use in the country while purchasing everyday things. Similarly, the financial firm also rolled out its physical debit cards in Europe, the first type of card that allows users to include an NFT avatar through customization.

While currently being a cybersecurity and digital ID service provider for hundreds of organizations, Mastercard secondly prefers to support crypto companies for better protection and experience, said Raj. To achieve this, the company will launch its crypto monitoring product, named Crypto Secure, in the upcoming days. Moreover, Mastercard purchased Ciphertrace in 2021 and has expanded consulting work for crypto practices.

Mastercard Plans To Add Multiple Cryptos In Its Network

While talking about the third key area, the Executive of Mastercard noted;

We’ve 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.

Afterward, Raj added the provision of various digital assets at the Mastercard network as the fourth core aspect that will help boost crypto adoption. For this, the company launched a program last year to onboard more cryptos. But, only the well-regulated and trusted digital assets are allowed to join, he said.

The fifth and last key area Mastercard is working on is the NFTs and metaverse space. To support these sub-sectors of the blockchain industry, the financial firm launched its services in January to enable NFTs purchases using cards. For this purpose, the company partnered with Coinbase. It also plans to bring similar facilities to eight other NFTs marketplaces.

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