The Mastercard payment card issuer will add cryptocurrencies to its network during the year. The company says it recognizes that digital assets are playing an increasingly important role in the world of payments.
Mastercard prepares to accept cryptocurrencies
In a blog post , the payment giant Mastercard has just made official that it will support several cryptocurrencies on its network during the year.
“We are now preparing for the future of cryptocurrency and payments, announcing that Mastercard will begin supporting certain cryptocurrencies directly on our network this year. It’s a big change that will require a lot of work, ”the firm said.
For now, Mastercard has not specified which cryptocurrencies will be added to its network, but the company specifies that those “ which focus on consumer protection and compliance “ will be preferred.
Mastercard adds that this initiative is only the logical continuation of the growing enthusiasm of the masses for the cryptocurrency market in recent months, in particular with the recent surge in Bitcoin (BTC) .
“Whatever your opinions on cryptocurrency – from the staunch fanatic to the most total skeptic – the fact remains that these digital assets are occupying an increasingly important place in the world of payments,” says Mastercard.
The payment network already supports cryptocurrency transactions through Wirex and Uphold crypto-cards. However, the merchant receives fiat currency and not the customer’s cryptocurrencies when using these cards, with the assets being converted upon payment.
During the year 2021, all traders in the network will therefore be able to accept cryptocurrencies, without requiring a conversion into the local currency :
“Our philosophy on cryptocurrency is simple: It’s a matter of choice. Mastercard is not here to recommend that you start using cryptocurrencies. But we’re here to empower customers, merchants and businesses to drive digital value forward, ”the company concluded.
Mastercard follows in Visa’s footsteps
Visa, Mastercard’s biggest competitor, is also preparing to introduce cryptocurrency to its network. After partnering with Circle to integrate the USDC stablecoin into its payment network, the company plans to support other cryptocurrencies , including Bitcoin (BTC).
Unlike Mastercard, Visa has not been as enthusiastic about adding other cryptocurrencies to its network, and has not specified whether these will arrive in 2021. However, the goal for these two giants and now clear and their race to add cryptocurrency has just taken a whole new turn.
For the adoption of cryptocurrencies by the masses, such initiatives play an important role and will undoubtedly accelerate the recognition of crypto-assets among all. At present, the addition of stablecoins is obviously preferred by payment networks. These having the particularity of following the course of a currency such as the dollar or the euro, it is much easier to start the introduction of cryptocurrencies via these assets.