MasterCard wants to make it easier for banking partners to issue cryptocurrency cards
By Bob Garcia
Despite dips in the crypto market, the future still looks bright for crypto payments
Visa has already experienced a boom since it decided to get involved in the cryptocurrency world, and now it is the US financial technology giant MasterCard that also wants to continue renewing plans with respect to its crypto card program. The company is introducing a new system that would make it easier for its partners to issue crypto credit and debit cards.
The idea with this is to make it possible for traditional banks and crypto companies to offer cards to their users so that their transactions can be carried out using digital assets. The cryptocurrency space has reached such a high level that two of the world’s largest financial technologies are already backing it. The official statement says, “Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people who want to spend their digital assets anywhere Mastercard is accepted.”
Based on this effort, MasterCard might be considering joining forces with crypto companies to get crypto wallets and exchanges involved, which would make it easier for partners to convert digital assets into traditional fiat currency if they desire. In order to enable greater exposure for its users, MasterCard announced partnerships with well-known companies, including Apto Payments, BitPay, Circle, Evolve Bank & Trust, Galileo Financial Technologies and others.
MasterCard, through the revised card program, will not only be able to eliminate the friction between crypto and traditional currency but will also be able to provide more options to users who consider themselves to be cryptocurrency supporters. At this point, the fact that MasterCard wants to venture into the crypto space may no longer come as a surprise to many, especially after seeing how Visa is still on a constant move to offer crypto debit cards.