Mastercard announced on July 20 that it would expand its cryptocurrency program, which would subsequently make it simpler and faster for compliant payment cards to enter the market. It also revealed that Wirex had become the first cryptocurrency platform to be granted a principal membership license, allowing it to directly issue payment cards. 

Mastercard follows in the steps of Visa, which in February 2020 granted Coinbase the right to issue Bitcoin debit cards. The Mastercard Accelerate program has been launched with the intention of supporting fintech companies from market entry to global expansion. Members of the program can integrate proprietary technology, avail cybersecurity services and tap into new markets with the help of Mastercard.

Wirex is on a growth spree, having launched the Wirex Token (WXT) and expanded into the Asia-Pacific, and due to launch corporate cards for business clients. The visa card will support over 30 different currencies and 100 countries.

The press release describes how the license will aid Wirex and cryptocurrency investors as follows,

Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world. Currency will always enter Mastercard’s network as traditional fiat currency. Users will also benefit from Wirex’s Cryptoback™ rewards program, which automatically gives customers up to 1.5% back in Bitcoin for every purchase made in-store.

Mastercard and Visa are not the only prominent names that are looking into cryptocurrencies. PayPal is rumoured to have chosen Paxos for its upcoming cryptocurrency services, though no official confirmation has been offered.