Mastercard Focuses on 5 Key Areas to Turn Crypto into an ‘Everyday Way to Pay’ – Featured Bitcoin News

Mastercard has outlined five key crypto areas it is working on to “turn cryptocurrencies into an everyday way to pay.” A Mastercard executive opined: “Soon, the ability to own and use a digital currency could be as seamless as making a contactless card payment.”

Mastercard with a focus on 5 main areas covering crypto, metaverse and NFT

Mastercard on Wednesday highlighted five different areas it is working on to “make cryptocurrencies an everyday way to pay.”

Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard, explained: “Digital assets such as cryptocurrencies and digital central bank currencies [CBDCs] has 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.”

The manager thought:

Soon, the ability to own and use a digital currency may be as seamless as making a contactless card payment.

Dhamodharan went on to outline five key areas Mastercard is working on to make this happen. The first area is crypto cards. He described that Mastercard already announced dozens of new crypto card programs globally this year. For example, in the US, the payments giant worked with Gemini on a credit card that pays out rewards in cryptocurrencies. In Argentina, the company launched a prepaid card with Binance. In Europe, Mastercard recently announced the world’s first physical debit card that can be customized to include a customer’s NFT avatar.

The second area is services for crypto. 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 will 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 completed the acquisition of Ciphertrace last year. The company will soon launch a new crypto monitoring product called Crypto Secure.

The third area is payments. “We have partnered with a handful of top-tier crypto-focused companies – including Paxos, Circle, Evolve and Uphold – to develop ways for people to quickly convert crypto to fiat to make payments. This work will support current and future crypto card partnerships,” the executive said .

Dhamodharan noted that the fourth area focuses on crypto on the Mastercard networks:

A key way to expand people’s choices is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward.

The fifth area concerns the metaverse and non-fungible tokens (NFT). Mastercard is working to expand its partnerships to support NFTs and the metaverse, Dhamodharan explained. For example, Coinbase users can now pay for NFTs with Mastercard.

In closing, the Mastercard CEO noted that the payments giant already operates “a trusted global network that enables payments with a simple tap or click.” He added, “That’s what the crypto economy needs to support the next million users — or the next billion,” elaborating:

We are excited to prioritize these core areas to give people more access to the crypto ecosystem and help it continue to innovate and grow.

What do you think about the five key areas Mastercard is engaged in to “make cryptocurrencies an everyday way to pay”? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.