Mastercard plans to offer merchants the option to accept payments in crypto later this year.
A blog post composed by Mastercard’s digital asset and blockchain VP Raj Dhamodharan stated that Mastercard plans to include cryptocurrency as a payment mode is a profound change. Hence, it will need a lot of work. They will be considerate about which assets the company supports based on its policies for digital currencies in accordance with consumer protection and compliance.
Cryptocurrency Becoming Significant Part of Payments World
Additionally, the post also states, Whatever your beliefs on cryptocurrencies — from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more significant part of the payments world.
Mr. Dhamodharan stated Mastercard is witnessing cardholders buy crypto assets. It’s also observing the use of crypto cards to obtain these assets and transform them into conventional currencies for spending across its network.
Our approach to cryptocurrencies is rather much straightforward: It’s all about the preference, he said. Mastercard isn’t here to advise you to begin adopting cryptocurrencies. However, we are here to allow customers, merchants, and businesses to move digital value.
The post added, “The company previously teamed up with digital currency players such as Wirex and Bitpay to launch cryptocurrency cards. Still, those players were converting digital crypto to fiat currencies at their end.”
“Our transition to supporting digital assets directly will enable several more new merchants to acquire crypto — an ability that’s currently restricted by proprietary methods unique to each digital asset,” the blog post said.
The Mastercard move follows an announcement made by PayPal in 2020, permitting users to accommodate cryptocurrency in their wallets.
Lately, Tesla announced, they bought $1.5 billion in bitcoin and further plans to make it a payment method.
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