Leading financial services corporations are now embracing cryptocurrency in a massive way, as they begin to acknowledge the impact of digital currencies in current times. After PayPal and Visa rolling out support for cryptocurrency MasterCard has also joined the crypto bandwagon.
MasterCard announced supporting cryptocurrencies on its network of 30 million merchants.
MasterCard To Support Digital Currencies
The world’s leading online payment services provider MasterCard has announced that it is planning to integrate cryptocurrencies on its platform this year. With the support for cryptocurrency, Mastercard would allow its high volume of global users to use digital currencies for purchases at over 30 million merchants on its network.
Bitcoin and other crypto tokens have found mainstream attention in the past year as the global economies are fast transforming to a digital avatar. With the increased use of online payments across industries and increased awareness regarding cryptocurrencies, mainstream players like PayPal are integrating Bitcoin and other leading cryptos like Ether, Tether etc. on their platforms to target the next generation of digitally-savvy customers.
Mastercard followed the footsteps of arch-rival Visa, which announced supporting Bitcoin and other cryptos on its network last month. The payments giant wants to tap the digital assets market to cater to the large customer base, which is migrating to cryptocurrency. Lately, investors and even public (to some extent0 have begun to lose trust in fiat currencies.
MasterCard said that they are not recommending people to start using cryptocurrency but giving them a choice. The firm wants to enable its businesses, customers, and merchants to leverage the digital assets sphere and ‘move digital value’.
While MasterCard did not reveal which digital currency it is going to support, it has expressed that likely it would support stablecoin as they are secure and reliable. The firm would assess the various assets on strict criteria to deliver reliable services to its clients. The payments giant is in talks with leading central banks for contributing to Central Bank Digital Currency initiatives across the globe. The firm said that they would ascertain the eligibility of cryptocurrency assets based on due KYC completion, adherence to jurisdictional laws and consumer security, and stability.
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