Mastercard opens a new era: make everyday payments with cryptocurrencies | Cryptocurrency › Geeky News
Mastercard opens a new era: make everyday payments with cryptocurrencies | Cryptocurrency › Geeky News
Mastercard believes that digital assets such as cryptocurrencies and central bank digital currencies have the potential to transform the financial system. Mastercard is focused on cryptocurrency cards and is the first area to expand and implement cryptocurrency payment services. The American multinational card giant has identified five areas where cryptocurrencies will become everyday means of payment. Mastercard, one of the largest financial institutions in the US, wants to introduce payment services using cryptocurrencies that will be included in the daily lives of users. The American giant’s cryptocurrency payments are expected to drive widespread adoption of digital assets.
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Mastercard deepens into mass adoption of crypto, metaverse and NFT Mastercard, an American multinational financial company headquartered in New York, has identified five key areas of cryptocurrencies that it is working on to “turn cryptocurrencies into everyday payments.”
The ability to own and spend digital currencies could soon become as convenient as contactless card payments, according to one of the company’s executives. On Wednesday, the company announced that it had identified five distinct areas of work to ensure the day-to-day adoption and utility of the cryptocurrency.
Raj Dhamodharan, Executive Vice President of Digital Assets, Blockchain Products and Digital Partnerships at Mastercard, reportedly said:
Digital assets such as cryptocurrencies and central bank digital currencies. [CBDCs] have the potential to transform the infrastructure of the financial system.
The first of the five key areas is cryptocurrency cards, and Mastercard has already launched dozens of new cryptocurrency card programs in 2022. Together with Gemini, Mastercard is offering a credit card with a cryptocurrency reward for US users. The world’s first physical crypto debit card debuted in Europe, and Argentine users got a prepaid card thanks to Mastercard’s partnership with Binance.
The second key area is services, and the giant is a provider of cybersecurity, digital identity, consulting and open banking services to tens of thousands of financial institutions. The company looks forward to adding support and services for crypto readers and offering guidance on their practice.
Payments is the third area where Mastercard is partnering with several leading crypto companies, including Paxos, Circle, Evolve and Uphold, to develop ways for users to quickly convert their crypto to fiat to make payments.
The fourth area of Mastercard’s plan focuses on crypto in the giant’s merchant networks, and the plan is to bring Mastercard-approved digital assets into their networks.
The Metaverse and NFT is the fifth area in which Microsoft will expand its partnerships and expand support for ecosystem growth. Dhamodharan said:
We [Mastercard] are happy to prioritize these key areas to give people better access to the crypto ecosystem and help it continue to innovate and grow.
