Mastercard Wants To Expand Its Card Program For Crypto Firms

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Card payment giant Mastercard has announced that it wants to enhance its card program for exchanges and cryptocurrency wallets.

The company wants to make it easier for partners to convert cryptocurrency to traditional fiat currency.

According to the firm, it wants to allow more crypto firms and banks to provide card options to those who want to spend their crypto assets wherever Mastercard is accepted.

Mastercard is working with partners to make this happen. The partners include global financial technology firm Circle, a blockchain stablecoin issuance platform, Paxos Trust Company, as well as Evolve Bank & Trust. Circle also operates a stablecoin (dollar digital currency) USD Coin.

Making crypto conversions easier

Crypto card transactions usually pass through Mastercard’s payment network and are converted as fiat currency. As a result, firms that want to provide the services must handle the conversion from cryptocurrencies to fiat currencies.

But with stablecoins, Mastercard wants to take away the burden of conversion and deal with the help of stablecoin operators and other partners.

Mastercard pointed out that not all crypto firms have the necessary infrastructure for the facilitation of fiat conversions, which makes it more difficult to spend them with credit cards.

However, the card payment company says it will facilitate such conversion through its engagement with Circle, Paxxos, Evolve, and the larger digital assets community.

Earlier in February this year, Mastercard stated that it is supporting crypto payments because of the high demand. The company revealed a survey conducted recently, showing that about 40% of consumers in Asia, Latin America, North America, Asia, the Middle East, the Caribbean, and Africa noted that they plan to use crypto assets for payments in 2022. Mastercard has been putting so many things in place to meet the needs and demands in the emerging crypto market.

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