Payment giant Mastercard ushers in a new era of making everyday payments with crypto like Bitcoin (BTC), and Ethereum (ETH). According to Mastercard, cryptocurrencies and Central Bank Digital Currencies (CBDC) have the potential to transform the financial system infrastructure.
In the long run, Mastercard is aimed at providing the capacity to own and spend a digital currency seamlessly. The payment service provider plans to do this in comparison to making a contactless card payment.
The American multinational payment chief believes that taking collaborative steps with different industry experts will drive crypto payment mainstream adoption.
Mastercard is mulling the idea of partnering with banking experts, tech and fintech experts, as well as crypto players. Together, they hope to improve the safety of digital asset users and mitigate the effect of future market commotion.
Notably, Mastercard claims that Non-fungible tokens (NFTs), blockchain gaming, and metaverse experience are the game-changers for customers’ shopping and communication. Raj Dhamodharan, Mastercard’s Executive Vice President of Digital Asset and Blockchain Products & Digital Partnerships listed five considerations to achieve this.
Mastercard is Fixed on Crypto, NFTs And Metaverse
To begin with, Dhamodharan highlighted crypto cards as a valuable bridge between existing financial services and the nascent crypto ecosystem. This year alone, Mastercard has launched a pile of crypto cards globally. A few of them are Nexo crypto credit cards powered by Mastercard and a prepaid card with Binance in Argentina.
Also, Mastercard is a ‘service for crypto’ provider offering support to crypto players and investors alike. The firm provides “cybersecurity, digital ID, advisory, and open banking services to tens of thousands of financial institutions.” Recently, it launched CipherTrace to track and investigates illicit transactions, and Crypto Secure, a crypto fraud detection tool.
Collaboration to deliver an excellent user experience to its customers and investors is at the core of Mastercard. The company has collaborated with many high-ranking firms like Paxos, Circle, Evolve and Uphold to ensure quick conversion of crypto to fiat currency for payment.
In addition, it plans to introduce a variety of new services by bringing certain Mastercard-approved digital assets into the Mastercard networks. This will expand customers’ choices in compliance with consumer protections, strict regulation, and stability. Furthermore, NFTs and metaverse partnerships for crypto payments are incoming.