Mastercard has outlined five key crypto areas it is working on in order to “turn cryptocurrencies into an everyday way to pay.” A Mastercard executive opined: “Someday soon, the ability to own and spend a digital currency could be as seamless as making a contactless card payment.”
Mastercard’s 5 Main Areas of Focus: Crypto, Metaverse, NFTs, and NFTs
Mastercard highlighted on Wednesday five different areas it is working on in order to “turn cryptocurrencies into an everyday way to pay.”
Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard, explained: “Digital assets like cryptocurrencies and central bank digital currencies [CBDCs] have the potential to transform the financial system’s infrastructure.” He added that non-fungible tokens (NFTs), blockchain gaming, and metaverse experiences “could change how consumers shop and communicate.”
Executive opined that:
One day, you will have the option to purchase and pay digital currency as easily as if using a contactless credit card.
Dhamodharan then outlined five areas Mastercard is working to achieve this goal. First, crypto cards. Mastercard had already launched dozens of crypto-card programs worldwide this year. In the U.S. for example, Mastercard worked with Gemini to launch a cryptocurrency-based credit card. Binance was the partner for the company’s prepaid card. In Europe, Mastercard recently announced the world’s first physical debit card that can be customized to include a customer’s NFT avatar.
This is the second category: services for cryptocurrency. Noting that “Mastercard is a provider of cybersecurity, digital ID, advisory and open banking services to tens of thousands of financial institutions,” Dhamodharan said the company is going to use the same tools “to provide more support to crypto players and issuers.” Mastercard has expanded its consulting work to include a dedicated crypto practice and it completed the purchase of Ciphertrace last year. Crypto Secure, a brand new product for crypto monitoring will be launched by the company.
Payments is the third. “We’ve partnered with a handful of top-tier crypto-focused companies — including Paxos, Circle, Evolve and Uphold — to develop ways for people to quickly convert their crypto to fiat to make payments. This work will support current and future crypto card partnerships,” the executive detailed.
Dhamodharan pointed out that the fourth focus is on crypto on Mastercard networks.
A key way to make people more choice is to include certain Mastercard approved digital assets on our networks. We first announced this plan last year and it continues to progress.
The metaverse and nonfungible tokens, (NFTs), are the fifth focus. Dhamodharan stated that Mastercard will continue to expand its partnership to help NFTs and the metaverse. Mastercard customers can also pay with Coinbase for NFTs.
In conclusion, the Mastercard executive noted that the payments giant already operates “a trusted global network that enables payments with a single tap or click.” He added, “That’s what the crypto economy needs to support the next million users — or the next billion,” elaborating:
We’re excited to prioritize these core areas to give people more access to the crypto ecosystem and help it keep innovating and growing.
What do you think about the five key areas Mastercard is engaged in to “turn cryptocurrencies into an everyday way to pay”? Leave your comments below.
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