Mastercard has outlined five key crypto areas it is working on to “make crypto an everyday form of payment.” One Mastercard executive opined: “Someday soon, the ability to own and spend digital currency could be as simple as making a contactless card payment.”
Mastercard focuses on 5 main areas covering crypto, metaverse and NFT
Mastercard on Wednesday highlighted five different areas it is working on to “make cryptocurrency an everyday form of payment.”
Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Digital Partnerships at Mastercard, explained: “Digital assets such as cryptocurrencies and central bank digital currencies [CBDCs] they have the potential to transform the infrastructure of the financial system.” He added that non-fungible tokens (NFTs), blockchain games and metaverse experiences “could change the way consumers shop and communicate.”
The executive opined:
One day soon, the ability to own and spend digital currency could be as simple as making a contactless card payment.
Dhamodharan went on to outline five key areas Mastercard is working on to make this happen. The first area is crypto cards. He detailed that Mastercard has already announced dozens of new crypto card programs globally this year. For example, in the US, the payment giant worked with Gemini on a credit card that pays out rewards in cryptocurrencies. In Argentina, the company launched a prepaid card with Binance. In Europe, Mastercard recently announced the world’s first physical debit card that can be personalized to include a customer’s NFT avatar.
The second area is services for crypto. Noting that “Mastercard is a provider of cybersecurity, digital ID, advisory, and open banking services to tens of thousands of financial institutions,” Dhamodharan said the company will use the same tools “to further support crypto players and issuers.” Mastercard has expanded its consulting work to include a dedicated crypto practice and completed its purchase of Ciphertrace last year. The company will soon launch a new crypto monitoring product called Crypto Secure.
The third area is payments. “We have partnered with a handful of top-tier cryptocurrency-focused companies, including Paxos, Circle, Evolve and Uphold, to develop ways for people to quickly convert their crypto into fiat for payments. This work will support current and future crypto card partnerships.”
Noting that the fourth area focuses on crypto in Mastercard networks, Dhamodharan emphasized:
One important way to expand choice for people is to bring certain Mastercard-approved digital assets to our networks, a plan we announced last year and continues to move forward.
The fifth area concerns the metaverse and non-fungible tokens (NFTs). Mastercard is working to grow its partnerships to support NFTs and the metaverse, Dhamodharan explained. For example, Coinbase users can now pay for NFTs with Mastercard.
In conclusion, the Mastercard executive pointed out that the payment giant already operates “a reliable global network that allows payments to be made with a single touch or click.” He added: “That’s what the crypto economy needs to support the next million users, or the next billion,” explaining:
We are excited to prioritize these core areas to give people more access to the crypto ecosystem and help it continue to innovate and grow.
What do you think about the five key areas Mastercard is working on to “make cryptocurrency an everyday payment method”? Let us know in the comments section.
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