Digital payments have undergone a genuine transformation over the past few years. Mastercard is intent on going the extra mile. Supporting cryptocurrencies will become an integral part of future payment solutions.
The Broader Mastercard Vision
One has to commend payment companies for taking the plunge with cryptocurrencies. This is not a straightforward evolution for companies embracing legacy systems. Mastercard, while initially not a proponent of cryptocurrency, has come around on its initial stance in recent years. This is a very prominent development for the broader payments industry.
Following the Wirecard incident, it has become apparent that something will need to change. Supporting legally recognized and licensed companies will usher in a brand new era. Square has proven the cryptocurrency industry can be a viable addition to any company in the world of digital payments. Even during the COVID-19 pandemic, its volume has only kept on growing.
The first major move by Mastercard came in the form of supporting Wirex. More specifically, the crypto debit card platform is now part of the Mastercard Accelerate program. Ultimately, this will become a turnkey launching pad for other service providers in the world of Bitcoin.
Thanks to this partnership, Wirex will issue a new cryptocurrency card with up to a 1.5% cashback. This cashback will be credited to user accounts in Bitcoin. , If proven successful and popular, it is likely that other platforms will be able to benefit from a very similar approach in the near future.
Visa has a Similar Plan
The vision by Mastercard is to become a “friendly platform” for crypto-oriented service providers and users. Visa, the other major card provider, has a very similar plan in mind. Although Visa’s focus lies with stablecoins first and foremost, it paves the way for incorporating other assets down the line,
One also has to keep in mind that Visa has a lot of partnerships in the crypto space. Over 25 providers make use of their services already, with more to come throughout 2020. Payment companies acknowledge the potential of Bitcoin, simply because they can no longer afford to ignore it.
As the volatility continues to diminish in the crypto world, the time to shine has come. Financial providers are encouraged and incentivized to explore this new frontier. It will take some time until this triggers a major shift. That being said, the foundation is being laid already, which is very interesting to keep an eye on.
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