An important announcement by MasterCard was just revealed stating that the global financial services provider will be enhancing its crypto payment program. The main audiences that will benefit from these expected changes are cryptocurrency exchanges and digital wallet companies and owners.
In the press release, MasterCard confirmed that because of these new integrations, more banks and crypto companies will be able to offer card payment options for digital currency users. In short, the company aims to facilitate card payments for crypto transactions.
The credit/debit card giant will be working closely with Circle, Paxos, and Evolve Bank & Trust to bring users these new innovations.
The announcement revealed that, according to Mastercard, crypto providers were faced with a challenge when performing cryptocurrency conversions to base fiats. It states that its pax with the aforementioned organizations is the missing piece of the puzzle.
Raj Dhamodharan, EVP of digital assets, confirmed this:
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…Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
A Mastercard-led survey detailed that 40% of North American, Latin American, Caribbean, Middle Eastern, African, and Asian consumers are planning on using crypto coins as a payment method in 2022.
We reported back in February of MasterCard’s plan on bringing about a cryptocurrency payment support system, which was due to the growing global digital coin usage and demand.