Mastercard Announces a 3-Pronged Strategy to Support the Growing Crypto Community
During a presentation on Wednesday, MasterCard outlined a three-pronged strategy centered on security and improved services to support the increasing cryptocurrency community.
During the virtual event at its annual shareholder’s day convention, the credit card giant stated that it would focus on “crypto enablement,” which includes cryptocurrency acquiring, expenditure, cashing out, and rewards; crypto security, including identification services; and network access, which includes interoperability, stablecoins, and central bank digital currencies (CBDC).
Senior executives at Mastercard believe that crypto payment flows, such as remittances, traditional finance (TradeFi), and decentralized finance (DeFi), will represent net new volume for the company. Following the event, Ramsay El-Assal, a research analyst at Barclays, wrote in a note to clients on Wednes
The credit card giant has recently expanded its crypto offerings, with partnerships in Asia Pacific allowing consumers and businesses in the region to obtain crypto-linked Mastercard credit, debit, and prepaid cards.
Mastercard will offer a crypto-linked payment card in collaboration with three crypto service providers: Amber Group, Bitkub in Thailand, and CoinJar in Australia. The card will allow users to instantly convert their numbers into traditional fiat money.
“Instead of transferring cryptocurrency directly to merchants, cardholders can now instantly convert their cryptocurrency into traditional fiat currency and spend it anywhere Mastercard is accepted globally, both online and offline.”
Mastercard announced in late October that it was collaborating with digital asset platform Bakkt to enable merchants and banks in the United States to incorporate cryptocurrency into their offerings.