MasterCard announced plans to support cryptocurrencies in 2021. This will pave the way for its nearly one billion users to spend digital assets on more than 30 million merchants. The company believes this can pave the way for new customers and build loyalty to existing customers who are already migrating to digital assets through fiat opportunities. "MasterCard is not here to recommend that you start using cryptocurrencies. But we are here to enable customers, retailers and businesses to shift digital value. ” Mastercard has so far declined to name any specific cryptocurrencies it will integrate. However, it offered four key criteria against which to assess potential assets: strong consumer protection, including privacy and consumer safety strict adherence to KYC compliance with local laws and regulations stability as a means of payment
MasterCard also said it is actively working with several major central banks around the world to support central bank initiatives in the field of digital currency or CBDC. Crypto as the future of payments?
The MasterCard announcement also reported increasing demand for digital assets among its customers. It is reported that many users buy cryptocurrencies using their MasterCard cards in today's bull market. "Digital assets are becoming a more important part of the payment world," concluded MasterCard. The company has already devoted significant resources to exploring distributed ledger technology, with the company currently owning 89 blockchain patents, while another 285 applications are pending.
The payment provider has been involved in crypto payments for some time and has been creating cryptocards in partnership with Wirex and BitPay, although there have been no cryptocurrencies on the MasterCard network. The company's announcement is the latest in a series of institutional adoptions of cryptocurrencies that have arrived in the past few weeks. There has also been speculation about which other technology companies will enter the market. Financial services provider RBC Capital Markets said that Apple should follow in the footsteps of Tesla.
