Mastercard will be supporting cryptocurrency payments this year


Big crypto news.

Image: Shutterstock / Gleti

for PCMag 2021-02-11 21:47:40 UTC

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Financial services firm Mastercard added credibility to cryptocurrencies this week by announcing that it intends to support payments on its network this year.

Many people are very skeptical about crypto, and who can blame them? Bitcoin’s price is far from stable and then there is a risk of someone stealing it. However, Mastercard seems to be proceeding cautiously and very selective in providing support.

“We are preparing for the future of crypto and payments and are announcing that Mastercard will be supporting select cryptocurrencies directly on our network this year. This is a big change that will require a lot of work. We will be thinking very carefully about which assets We provide support based on our digital currency policy, which is focused on consumer protection and compliance, “said Raj Dhamodharan, Executive Vice President, Blockchain / Digital Asset Products & Digital Partnerships, Mastercard.

According to Dhamodharan, the decision was made to unlock the choice for customers, dealers and companies. “This change can open merchants to new customers who already have digital assets and help sellers build loyalty with existing customers who want this additional option. And customers can save, store, and send money in new ways.”

It is currently unclear which cryptocurrencies Mastercard would like to support. There are hundreds to choose from, but Dhamodharan believes that “consumers and the entire ecosystem will congregate around the crypto-assets that provide reliability and security.” With this in mind, the company is focused on four main functions that a cryptocurrency must offer in order to join the Mastercard network:

  • Customers already enjoy the same level of security from their credit cards.

  • Strict compliance protocols to block illegal activity and payment network fraud.

  • Compliance with local laws and regulations on a regional basis.

  • Stable value so that people can be sure of using crypto to pay for goods.

Mastercard already created crypto cards last year, holds 89 blockchain patents and another 285 are pending, so the company is clearly already heavily invested in crypto. Now it is preparing for the next step towards payments.

This article was originally published here by PCMag

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