Mastercard, the payment processing giant, today announced the enhancement of its crypto card program just weeks after rival Visa also announced its plans to become a global leader for crypto card payments by promising to make cryptomontage as usable as any other currency. The leading card payment service provider said it is accelerating its cryptocurrency wallet and exchange services.
The advanced cryptocurrency card program would make it easier for banks and partner companies to convert crypto-fiat instantly. The program was launched in association with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies.
The program would also make it easier for banks and cryptocurrency companies to offer a crypto card that works on Mastercard’s existing payment network. Mastercard crypto cards would allow cardholders to spend cryptocurrency at millions of merchants where its card is accepted.
Here’s the statement from Raj Dhamodharan, executive vice president of digital assets and blockchain products and partnerships at Mastercard:
Not all cryptocurrency companies today have the basic infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle and the broader digital asset community, Mastercard expects to deliver on our consumer choice promise to provide options to people around the world on how and when to pay.
The main problem with expanding card payments with cryptocurrency was the instant conversion of cryptocurrency to fiat which was not possible until now. Mastercard has solved this critical problem with its partnership with Paxos and Circle, the USDC stablecoin issuer. The partnership would enable the instant conversion of volatile cryptocurrencies into USDC stablecoins and then into US dollars.
Circle’s Chief Strategy Officer and Head of Global Policy and Dante Disparte said:
The collaboration between Circle and Mastercard demonstrates that digital dollar currencies like USDC play a key role in making payments more efficient and can facilitate new economic activity for businesses around the world.
Two of the leading central payment processing giants Mastercard and Visa are preparing to lead the cryptocurrency payments market, a strong and growing signal about cryptocurrency adoption.