With an yearly net revenue of over $8 Billion, the New York-based, multinational financial service provider Mastercard is teaming up with Binance, a Seychelles based cryptocurrency exchange to introduce crypto payments at the 90 million stores that already support Mastercard payments.
This move is done in lieu of the rising popularity of Bitcoin and other crypto-related projects which are expected to grow in the coming years. This move will enable to bridge the gap between Cryptocurrency and everyday miscellaneous purchases, making it easier for the holders to use their assets.
How Great of an Impact Will This Make?
This move by Mastercard and Binance will enable customers, merchants, and businesses to move digital value – traditional or crypto – however they want. According to Mastercard, “It should be your choice, it’s your money”.
This change will open merchants to holders who are flocking to digital assets and help sellers build loyalty with existing customers who want this option. Mastercard also teamed up with Wirex and BitPay last year to create crypto cards that allow people to transact using their cryptocurrencies.
Added to this work with Binance, Mastercard is also in talks to engage and collaborate with several major central banks. This is being done to whole around the world as they review plans to launch new digital currency to offer their users a convenient way to pay.
How To Make Use of Binance-Mastercard Tie-up?
With the move expected to impact at least 90 million stores, the lay man can take great benefits as rather than just being an investment option crypto’CURRENCY’ is finally living up to its name. For now, it is recommended to have a crypto wallet with very basic holdings.
The prepaid card by Binance was launched initially in Argentina on August 23. It allows users with possession of a national ID to make purchases and pay bills with cryptocurrencies like BTC, ETH, Dogecoin and Binance Coin.
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Source: https://insidebitcoins.com/news/binance-and-mastercard-tie-up-will-enable-payments-through-crypto-at-stores