Mastercard Plans to Embrace Crypto Transactions on Its Network

While acknowledging the accelerating relevance of cryptocurrencies in the modern payment world, leading payment and technology company, Mastercard Inc, says it plans to support cryptocurrency transactions on its network later in 2021.

The company unveiled that the proposed move is an attempt to prepare for the future of cryptocurrencies and payments. The move will see Mastercard allowing its users access to some cryptocurrencies on its networks. 

To ensure protection and compliance for its consumers, the company said it would carefully select which crypto to support. The company has yet to disclose which digital currencies it will support and the exact date for the integration.

In recent times, the price of cryptocurrencies has been significantly rising, thus finding its way into many institutional and retail investors’ hearts. 

According to recent reports, large firms and prominent personalities are making efforts to prepare a future with cryptocurrencies. They are reportedly foreseeing positivities in the fate of cryptocurrencies, especially Bitcoin. 

As a result, the crypto industry has been welcoming an accelerating rate of crypto enthusiasm lately.

Diverse Perspectives Has no Effect on Cryptos.

Mastercard also appears to be bullish about the fate of cryptocurrencies as it cited that digital currencies are gaining more importance in the payment world, regardless of the diverse opinions on the performance of cryptos, be it from a “dyed-in-wool fanatic to utter skeptic.”

Hence, the company would want to see the functionality enhanced on its network as it proposes crypto-supported transactions on the card.

“We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets, especially during Bitcoin’s recent surge in value. We are also seeing users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending,” it said.

As a matter of fact, despite the recent ban placed on cryptocurrencies by the Nigerian central bank, Africa’s largest crypto market, the price of digital currencies is still skyrocketing like it does not care.