MasterCard hopes to fuel crypto expansion through new partner program
By Bob Garcia
The credit card processor expands the reach of its Accelerate program
Giant credit card processor Mastercard has been working hard this year to get more involved in the cryptocurrency industry, and another announcement was made today regarding its continued expansion into the space. To promote the adoption of cryptocurrencies, it is working with Wirex, which will see the latter be able to directly issue MasterCard cards, and building upon its crypto infrastructure to attract other entities, as well. The general idea is to bring to the market a simple, faster and reliable payment card system that can be used by merchants and customers.
Mastercard’s Accelerate program was designed for notable fintech companies and brands. Now, the credit card processor is advancing its partnership experience by sending an invitation to even more companies to join the program. Wirex is regulated and licensed by the Financial Conduct Authority in the UK, giving it a solid foundation upon which to build. The idea of working alongside Wirex is to be able to expand the program’s reach through promoting innovation and authorizing users to have another choice of a crypto token payment system.
Instead of using this program to allow merchants to spend cryptocurrency, the global company aims to position crypto as a conventional fiat currency that merchants can later use to make payments. The program allows people to easily buy, hold and exchange the converted fiat currency, and it will facilitate the conversion of it, which is very convenient, given the fact that Mastercard is accepted in almost every corner of the world. It’s not exactly a new thing coming to the market, as other companies offer those services, but, in this case, is coming from a major mainstream company and the focus is to be able to automate the process.