This year Mastercard will begin supporting select cryptocurrencies directly on its network. The payment network processor announced that this will create many more possibilities for buyers and merchants, allowing them to transact with a whole new form of payment.
This change can bring merchants closer to new customers who already flock to digital assets, as well as help sellers build loyalty among existing customers who want this additional option. Customers will now be able to save, store and send money in new ways.
“Whatever your opinion on cryptocurrencies – from die-hard fan to total skeptic – the fact remains that these digital assets are becoming an increasingly important part of the payments world.”
This way, customers, merchants and businesses will be able to move digital value however they want, whether it’s traditional or crypto.
However, not all current cryptocurrencies will be compatible with Mastercard’s network. “While stablecoins are more regulated and reliable today than in the past, many of the hundreds of digital assets in circulation have yet to strengthen their compliance measures. We expect consumers and the ecosystem as a whole to begin to rally around crypto assets that offer reliability and security. It is those same stablecoins that we hope to incorporate into our network.”
The company states that the main concern is consumer protection and guaranteeing the same level of security that people expect from their credit cards. Also, strict compliance protocols will be necessary and the digital assets will have to comply with local laws and regulations in the regions where they are used.
“Our shift to supporting digital assets directly will allow many more merchants to accept cryptocurrencies. This shift will also eliminate inefficiencies, allowing both consumers and merchants to avoid having to convert cryptocurrencies and traditional currencies back and forth to make purchases.”
Which cryptocurrencies would you like Mastercard to support? Tell us in our comments section