Payment giant Mastercard has announced that it is expanding its crypto card program for cryptocurrency wallets and exchanges. The company said, “Simplifying the process will enable more banks and crypto partners to enable their consumers 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 developed:
Mastercard and its partners will test this new ability 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.
The expansion of Mastercard’s existing crypto card program includes a number of important 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 provide processing and program management support.
Paxos and Circle will then use their platforms to facilitate the conversion of crypto to fiat through stablecoins. Circle stated, “The engagement will test the use of USDC as a vehicle for card issuers to make payments to Mastercard easier to process.”
Raj Dhamodharan, Executive Vice President of Digital Asset and Blockchain Products & Partnerships at Mastercard, commented:
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 goes on to say that “simplifying the process will enable more banks and crypto partners to enable their consumers to pay with cryptocurrency.”
What do you think of Mastercard improving its crypto card program for exchanges and wallets? Let us know in the comment section below.
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Bank, BitPay, Circle, crypto card program, crypto cards, MasterCard, Mastercard Crypto, Mastercard Stablecoins, Mastercard USDC, Paxos, Uphold, USDC
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