Payment giant Mastercard has announced that its crypto card program is improving for cryptocurrency wallets and exchanges. The company said: “Making the process easier will give more banks and crypto partners the opportunity to offer their consumers the choice to pay with cryptocurrency.”
Mastercard makes it easier to convert cryptocurrency to traditional Fiat currency
Mastercard announced Tuesday that it will “improve its card program for cryptocurrency wallets and exchanges,” making it “easier for partners to convert cryptocurrency to traditional fiat currency.” The company has elaborated:
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 wherever Mastercard is accepted.
Improving Mastercard’s existing crypto card program involves a range of key partners. Evolve Bank & Trust and Metropolitan Commercial Bank will issue cards, while Uphold and Bitpay will provide real-time crypto wallet technology. In addition, I2c Inc., Apto Payments and Galileo Financial Technologies will support processing and program management.
Paxos and Circle will then use their platforms to facilitate the conversion from crypto to fiat via stablecoins. Circle explained that “The engagement will test using USDC as a means for card issuers to more easily settle payments to Mastercard.”
Raj Dhamodharan, executive vice president of digital assets and blockchain products and partnerships at Mastercard, noted:
Today, not all crypto companies have the basic infrastructure to convert cryptocurrency to traditional fiat currency, and we are making it easier.
Mastercard’s announcement further notes that “by making the process easier, more banks and crypto partners will have the opportunity to offer their consumers the choice to pay with cryptocurrency.”
How do you feel about Mastercard improving its crypto card program for exchanges and wallets? Let us know in the comments below.
Tags in this story Bank, BitPay, Circle, crypto card program, Crypto cards, MasterCard, mastercard crypto, mastercard stablecoins, mastercard USDC, Paxos, Uphold, USDC
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