On Wednesday, Mastercard outlined the five areas it is focusing on to make cryptocurrencies a daily mode of payment.
The foundation of the financial system might be transformed by digital assets including cryptocurrencies and central bank digital currencies (CBDCs), according to Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard.
NFTs, blockchain games, and metaverse experiences, he continued, may revolutionize how customers to shop and communicate.
Dhamodharan mentioned five vital aspects where Mastercard is concentrating its efforts to accomplish this. Crypto cards are the first aspect, in which he explained how Mastercard has already made numerous worldwide announcements about new crypto card initiatives this year.
For instance, the payments industry giant collaborated with Gemini on a credit card in the United States that offers incentives in cryptocurrency.
The second aspect consists of crypto services. Dhamodharan stated that MasterCard uses the same technology to provide additional support to crypto players and issuers, noting that the business offers cybersecurity, digital ID, consulting, and open banking services to a large number of financial institutions.
Payments make up the third aspect. The executive explained that they’ve teamed up with a few leading crypto-focused businesses (including Paxos, Circle, Evolve, and Uphold) to create ways for users to easily exchange their cryptocurrencies for fiat to make payments. “This work will support current and future crypto card partnerships,” he said.
“An important way to expand choice for people is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward,” Dhamodharan added, emphasizing that the fourth aspect centers around crypto on the Mastercard networks.
The metaverse and non-fungible tokens (NFTs) make up the sixth aspect. Mastercard is working to expand its collaborations in order to promote NFTs and the metaverse. Users of Coinbase, for instance, can now use Mastercard to pay for NFTs.
The Mastercard executive concluded by pointing out that the industry leader in payments already runs a trusted worldwide network that allows payments with a single tap or click. The crypto economy needs that to support the subsequent million or subsequent billion users.
They are thrilled to give these fundamental areas priority in order to increase access to the crypto ecosystem, support its continued innovation, and promote its expansion.
Last week, Mastercard has unveiled a ground-breaking technology solution called Crypto Secure in an effort to boost security and confidence in the online world.
