Mastercard, the payment processor 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, promising to make crypto as usable as any other currency. The leading card payment service provider said it is accelerating its crypto exchange and wallet services.
The enhanced crypto card program would make it easier for partner banks and companies to convert crypto-fiat instantly. The program has been 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 crypto companies to offer a crypto card that works on top of the Mastercard’s existing payment network. Mastercard crypto cards allow holders to spend crypto at millions of merchants where its card is accepted.
Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented:
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle, and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
Mastercard solves the biggest hurdle in crypto card payment expansion
The major issue for crypto card payment expansion was the instant conversion of cryptocurrency into fiat that was not possible up until now. Mastercard resolved this critical issue with its partnership with Paxos and USDC stablecoin issuer Circle. The partnership would allow for instant conversion of volatile crypto into USDC stablecoin and then to the US dollar.
Circle chief Strategy Officer and Head of Global Policy and Dante Disparte said,
“The collaboration between Circle and Mastercard demonstrates that dollar digital currencies like USDC play a foundational role in making payments more efficient and can facilitate a new economic activity for businesses worldwide.”
Two of the top centralized payment processing giants in Mastercard and Visa are gearing up to lead the crypto payment market is a bullish sign about growing crypto adoption.