Mastercard Identified 5 Key Areas Help To Make Crypto A Commonplace Payment Method

Mastercard has identified five important crypto sectors in which it is striving to make cryptocurrency a commonplace payment method.

On Wednesday, Mastercard identified five key areas in which it strives to make cryptocurrency a commonplace payment method. Raj Dhamodharan, Mastercard’s senior vice president of Digital Asset and Blockchain Products & Digital Partnerships, explained:

“Digital assets like cryptocurrencies and central bank digital currencies have the potential to transform the financial system’s infrastructure.”

Non-fungible tokens, blockchain games, and metaverse experiences, he added, might transform the way people purchase and connect.

Dhamodharan mentioned five critical areas in which the company is trying to achieve this. The first is crypto cards. He said Mastercard has already launched dozens of additional crypto card operations worldwide this year. The collaboration with Binance and Gemini is the most specific.

The second focus is on crypto services. Mastercard has extended its consulting services to include a specialized crypto group, and it just finalized the acquisition of Ciphertrace. Crypto Secure, the firm’s new crypto monitoring tool, will be available soon.

The third area is payments. The executive said:

“We’ve partnered with a handful of top-tier crypto-focused companies — including Paxos, Circle, Evolve and Uphold — to develop ways for people to quickly convert their crypto to fiat to make payments. This work will support current and future crypto card partnerships.”

Dhamodharan underlined the fourth category, which focuses on crypto on Mastercard networks:

“An important way to expand choice for people is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward.”

The fifth topic is about the metaverse and non-fungible tokens (NFTs). Mastercard is expanding its collaborations in order to promote NFTs and the metaverse. Coinbase users, for example, may now pay for NFTs with Mastercard.

Finally, the executive stated that the payments company currently has a trusted worldwide network that allows payments to be made with a simple touch or click.

“That’s what the crypto economy needs to support the next million users — or the next billion,” he added.

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