Mastercard announced on Tuesday that it would improve and experiment with cryptocurrency wallets and exchanges for its customers. To make crypto and traditional fiat money conversions easier, the card issuer collaborates with several crypto businesses.
Mastercard said in a statement that it wants to improve the existing crypto card program with different partners. The card issuer considering Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to supply real-time crypto wallet technology, i2c Inc., Apto Payments, and Galileo Financial Technologies to assist processing and program administration.
Meanwhile, Paxos and Circle will utilize their platforms to convert bitcoin to money via fiat-backed stablecoins, a cryptocurrency with price stability and reserve assets.
Mastercard’s executive vice president of digital asset and blockchain products and partnerships, Raj Dhamodharan, lauded the agreement, saying:
“Not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier…Mastercard expects to deliver on our the promise of consumer choice to provide options to people around the world on how and when to pay,”
According to the statement, this is a critical step in extending the ecosystem and laying the foundation for the future of crypto payments in a safe, secure, and compliant manner.
Mastercard recognizes its consumers’ rising desire for digital payment options. Biometrics, digital currencies, and QR codes were mentioned by more than 93 percent of clients as potential payment options. As a result, the payment platform announced in February that it will accept direct crypto payments this year, allowing cardholders to trade bitcoin directly on its network.
Meanwhile, Visa, one of Mastercard‘s main competitors, said that Visa cardholders spent more than $1 billion on cryptocurrency in the first six months of this year. In addition, Visa has extended its operations in Australia by authorizing CryptoSpend, an Australian company, to offer debit cards for its users to use with cryptocurrencies.