Payment giant Mastercard announced on Tuesday that it will improve its functionality and experiment with cryptocurrency wallets and exchanges for its customers. The card issuer cooperates with multiple crypto companies to facilitate the conversion of traditional and crypto fiat money.
In a statement, Mastercard reveals its ambition to enhance the existing crypto card program with multiple partners. The card issuer considers Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, i2c Inc., Apto Payments and Galileo Financial Technologies to support the processing and management of programs.
Meanwhile, Paxos and Circle will use their platforms to convert cryptocurrencies into fiat currency through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets.
Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard, welcomed the partnership and said:
“Not all cryptocurrency companies have the critical infrastructure to convert cryptocurrency to traditional fiat currency and we are making it easier… Mastercard looks forward to delivering on our consumer choice promise to provide options to people around the world on how and when to pay. “
This is “a critical step in expanding the ecosystem and safely, securely and compliantly setting the stage for the future of crypto payments,” the statement added.
Mastercard understands the growing demand for digital payments from its customers. More than 93% of customers considered adopting innovative payment methods, such as biometrics, digital currencies, and QR codes. Therefore, the payment platform announced in February that it will support direct crypto payments by allowing cardholders to conduct crypto transactions on its network this year directly.
Meanwhile, Visa, one of Mastercard’s main competitors, its Visa cardholders, has spent more than a billion dollars on cryptocurrencies in the first six months of this year by consumers around the world. Visa recently expanded its business in Australia by approving an Australian startup CryptoSpend to issue debit cards for its customers to consume via cryptocurrency.
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