Mastercard making it easier to convert crypto to fiat
Payments giant Mastercard has announced on Tuesday that its crypto card program is being enhanced for cryptocurrency wallets and exchanges. The company said:
“Making the process simpler will allow more banks and crypto partners the opportunity to offer their consumers the choice of paying with cryptocurrency.”
They further said that:
“Mastercard and its partners will test this new capability to enable more banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.”
There are some key partners involved with Mastercard’s enhancement of its existing crypto card program. Evolve Bank & Trust and Metropolitan Commercial Bank will issue cards, while Uphold and Bitpay will provide real-time crypto wallet technology. In addition, the payments firm will work with I2c Inc., Apto Payments, and Galileo Financial Technologies who will support processing and program management.
Paxos and Circle will then use their platforms to facilitate the conversion of crypto to fiat through stablecoins. Circle confirmed that “The engagement will test using USDC as a means for card issuers to more easily settle payments to Mastercard.”
Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented:
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier.”
“Through our engagement with Evolve, Paxos, Circle and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
Mastercard had previously stated to understand their role as a service provider to the community at large:
“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money.”
The payments provider also announced partnering with Gemini Crypto Exchange in their cashback rewards card.
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Author: Peter Siu