Mastercard has outlined five key crypto areas where it is working to “turn crypto into a way of everyday payment.” “The ability to own and spend a digital currency could one day be as seamless as paying with a contactless card,” said a Mastercard executive.
Mastercard Focuses on 5 key areas including Crypto, Metaverse and NFT
On Wednesday, Mastercard highlighted five different areas in which it is working to “turn crypto into an everyday way of payment.”
Raj Dhamodharan, executive vice president of Digital Assets and Blockchain Products & Digital Partnerships at Mastercard, explains: “Digital assets such as cryptocurrencies and central bank digital currencies nursing [CBDCs] has 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.”
One day, the ability to own and spend a digital currency could be as seamless as making contactless card payments.
Dhamodharan went on to outline five key areas where Mastercard is working to make this a reality. The first area is crypto cards. He detailed that Mastercard has announced dozens of new crypto card programs globally this year. For example, in the US, the payments giant worked with Gemini on a credit card that pays crypto rewards. 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 customized to include a customer’s NFT avatar.
The second area is services for cryptocurrencies. Noting that “Mastercard is a provider of cyber security, digital ID, advisory and open banking services to tens of thousands of financial institutions,” Dhamodharan said the company will use the tools. similar tool “to give more support to crypto players and issuers”. Mastercard has expanded advise working to include a dedicated crypto operation and it completed the purchase of Ciphertrace last year. The company will soon launch a new crypto monitoring product called Cryptocurrency Security.
The third area is payments. “We have partnered with some of the top crypto-focused companies – including Paxos, Circle, Evolve and Uphold – to develop ways to help people quickly convert their crypto to fiat to pay. This work will support current and future crypto card partnerships,” the executive detailed.
Noting that the fourth sector focuses on crypto on the Mastercard network, Dhamodharan emphasized:
An important way to expand choice for everyone is to bring certain Mastercard-approved digital assets into our network, a plan we announced last year that continues to be perform in the future.
The fifth area concerns metaverse and non-replaceable (NFT) tags. Mastercard is working to develop its partnership to support the NFT and metaverse, explained Dhamodharan. For example, Coinbase users can now pay NFT with Mastercard.
Concluding, the Mastercard executive noted that the payments giant already operates “a trusted global network that enables one-tap or click payments”. He added, “That’s what the crypto economy needs to support the next million users — or the next billion,” further explaining:
We are excited to prioritize these core areas to give everyone more access to the crypto ecosystem and help it continue to innovate and grow.
What do you think of the five key areas where Mastercard is engaged to “make crypto an everyday payment”? Let us know in the comments section below.
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