Mastercard declares that it intends to start accepting digital currency as a currency that customers can trade with.
It also revealed plans of partnering with some 30 million merchants. But hasn't indicated the cryptocurrencies it would incorporate.
Major Updates
- MasterCard disclosed its intentions for its almost 1 billion users to use digital currency to make payments for services and products in 2021.
- The company indicated it plans to sanction stablecoins and some cryptocurrencies.
- They already partnered with Wirex and Bitpay.
MasterCard, the well-known international payment giant, has revealed its intentions to open up access to it's nearly 1 billion users so that they can use digital currency to make payments for services and products using its platform.
Over 30 million merchants are in this plan, which is slated for 2021. Apart from supporting cryptocurrencies, the firm said its programs would also create access for traders to new clients and to build trust with current customers who are moving to digital assets over conventional currencies options.
Although it didn't specify which cryptocurrencies would be listed, it did indicate plans to sanction stablecoins due to their because, according to them, they were more reliable and secure. It noted that they were not directly proposing cryptocurrencies to their users. It specified that its role was to facilitate the ease at which businesses, customers, and merchants utilize digital value.
The primary standards by which it will be evaluating possible future assets are; strong customer security, including customer privacy & security, rigorous compliance with KYC, compliance to regional laws and regulations, and stability as a means of payment.
It also announced plans of incorporating central bank digital currency initiatives or CBDCs. MasterCard wants to keep working with some critical central banks all over the world. Already MasterCard users are using their cards to buy digital cryptocurrency, leading the payment giant to note that digital currency is essential to today's world.
The company has been interested in crypto for a while now; just last year, they partnered with Bitpay to create prepayment cards for its users. It also partnered with Wirex to develop cards that rapidly converted digital currency to fiat.
MasterCards adoption of cryptocurrency is not surprising, especially after Tesla's investment announcement. Other payment giants like Paypal and Visa had already done so previously and have been reaping the rewards.
