To “transform cryptocurrencies into a common way to pay,” Mastercard on Wednesday outlined 5 distinct areas it is focusing on.
This is according to Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard.
Blockchain gaming, Non-fungible tokens (NFTs), and metaverse experiences were also mentioned by him as having the potential to alter how consumers interact and transact.
The executive stated, “Someday soon, the ability to own and spend a digital currency could be as seamless as making a contactless card payment.”
He further went on to list Mastercard’s 5 areas of focus:
- Crypto cards
- Crypto services
- Crypto on Mastercard network
- Metaverse and NFTs
According to the executive, the platform had announced the new crypto card initiatives in 2022, citing a partnership with crypto exchange platform, Gemini.
The business introduced a prepaid card with Binance in Argentina. The first physical debit card in the world that can be personalized to contain a user’s NFT avatar was just revealed by Mastercard in Europe.
The second is crypto services which Dhamodharan explained that Mastercard uses the service to offer extended support to users.
Mastercard completed the acquisition of Ciphertrace last year and has since expanded its consultancy business to include specialized crypto expertise. A new crypto monitoring solution called Crypto Secure will shortly be made available by the corporation.
Payments make up the third area. “We’ve teamed up with a few elite crypto-focused businesses, like Paxos, Circle, Evolve, and Uphold, to create means for users to easily exchange their cryptocurrencies for fiat to make payments. This work will help ongoing and upcoming partnerships involving crypto cards,” the CEO explained.
The fourth is the crypto on the Mastercard networks, “Adding some approved Mastercard digital assets to our systems, a plan we disclosed last year that is still in progress, is a significant way to increase people’s options.”
The metaverse and non-fungible tokens are the fifth concern.
Dhamodharan concluded by pointing out that the industry leader in payments already runs “a trusted worldwide system that facilitates payments with a simple click or tap.”
That’s what the cryptocurrency economy needs, he continued, “to assist the next million active customers, or the next billion,” further explaining:
“To increase access to the crypto ecosystem, support its continued innovation, and promote its expansion, we’re thrilled to give these fundamental areas priority.”
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