Intro: Mastercard has partnered with three companies to offer a program on its cards for cryptocurrency wallets and exchanges. The program will help crypto enthusiasts to convert cryptocurrency into fiat easily.
Mastercard has enhanced the offerings of its card program for Cryptocurrency wallets and exchanges. The payment processing giant aims to help partners and makes the transactions of cryptocurrency simple and easy for its partners. This can be done while converting crypto into fiat currency and to achieve this, Mastercard has partnered with Evolve Bank & Trust, Paxos Trust Company and Circle.
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Mastercard is working with all three companies to help understand the working of conversion and testing this new capability to enable more banks and crypto companies to offer a card option to people who want to spend their digital assets. This announcement by Mastercard was followed by its competitor Visa’s announcement of becoming a global leader for crypto-card payments. This means the payment giants are promising people to make crypto unlike fiat and can be used more frequently for daily needs.
Under the current program, Mastercard would like to make it easier for banks and crypto companies to offer a crypto card to the people that would function on its existing payment network. This will be a solution to the important pain points that have kept the adoption of crypto at a distance from instant crypto to fiat transactions.
With Mastercard offering a large network of merchants, this new program introduced will boost the adoption of crypto across the world. Mastercard’s Executive Vice President of digital assets and blockchain products and partnerships said that not all crypto companies have an infrastructure to convert crypto into fiat currency. But with the engagement of Mastercard with its partners, the company will deliver its promise to the customers to give options to people around the world on how and when to pay.
The partnership with Paxos and Circle will bring a change and help it curb this pain point. Also, with the onboarding of stablecoins like PAX and USDC, users will be able to quickly convert digital assets into stablecoin USDC and then to the USD.
Many institutions are inclined towards crypto of late, but still, they try to stay away from crypto during the time of high volatility and regulatory tensions. However, Mastercard remains the strong partner for the exchange.
Meanwhile, Visa noted that crypto-linked card usage topped $1billion in the first half of 2021. With this new engagement, Mastercard has the position to challenge Visa, its payment network, and its claim to be the global leader for crypto card payments.