Visa and Mastercard are set to bring Mass Crypto Adoption
Mastercard announces first partner of its new Crypto Card Partner Program
Visa elaborated philosophy that it has established for its future work associating crypto and blockchain
Visa and Mastercard for Mass Crypto Adoption
Bitcoin has maintained stability in its price for quite some time now – however, the big giants are closely eyeing at the best possible ways to enter the crypto arena. Accordingly, Visa and Mastercard are making new waves in the industry and set to bring mass crypto adoption.
MasterCard Launches Crypto Card Partner Program
The giant on July 20 announced ‘the Mastercard Crypto Card Partner Program’ which enables the existing crypto platform to partner with MasterCard. As part of the partnership, Mastercard is issuing the principal Membership License’ to the crypto platforms. Accordingly, Wirex, a UK FCA-licenced global digital payment platform has become the very first partner of MasterCard. By doing so, Mastercard is aiming to make it easier for consumers to hold and activate cryptocurrencies. On the other side, the giant is assisting emerging brands and fin techs by offering them ‘access to everything they need to grow quickly’, preferably by making them leverage Mastercard’s service.
The partnership with Mastercard now allows Wirex ‘to issue payment cards directly to consumers’. The card can offer consumer following benefits;
- Covert cryptocurrencies into traditional fiat currency
- The card will enable customers to spend their cryptos across all the places where Mastercard is accepted
- Consumers of Wirex can also enjoy Wirex’s Crypto back reward program
Essentially, Mastercard isn’t supporting any crypto token from its card, rather, they are partnering with the crypto companies and offering their support to these partners. However, Mastercard also said that the partners can only be approved if they follow ‘its core principles’. Some of the principles include ‘strong consumer protection, partners should offer level playing field for all stakeholders, they should be compliant with all applicable laws and regulations’.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” says Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard.
Visa Advanced its Digital Currency Approach
Though Visa has already been in the crypto industry in terms of partnership with Coinbase, Fold, Anchorage, and other crypto firms, it has officially announced to advance its digital currency approach. The firm with its pro-crypto stance applauds the digital version of cash which is controlled by a private key in its official announcement. While the firm showed its keen interest in how stablecoin works by giving the flavor of fiat and digital currency, it also affirmed the growing trend of Central Bank Digital currency (DBDC).
Visa has been offering its payment services to crypto consumers through its Fintech FastTrack program for quite a long time. For instance, Coinbase card is a Visa card that can be used everywhere Visa is accepted. That being said, Visa for many crypto enthusiasts ‘has become the preferred network for digital currency wallets’ through this program. So far, Visa has over 25 digital wallets linked to Visa.
What’s New with Visa?
What’s new with Visa’s crypto effort is that the firm has officially laid out ‘its work approach towards the future of digital currency and blockchain’. With that, Visa highlights that it has been researching digital currency for years now. The firm listed out three-set of key values that its crypto service will be based on;
- Visa states that they will ‘maintain a rigorous focus on data protection, consumer privacy and fuel compliance with applicable laws
- They will remain network and currency agnostic while continuing to support demand form their clients and partners.
- Visa will align its core capabilities with the digital currency services that may come shortly.
The keen interest in digital currency by both the payment card giant is referring to mass crypto adoption. Neither Visa nor Mastercard announced any core crypto services. However, they explained that they will continue to support crypto adoption through their partners.
Amidst this news, Bitcoin is gearing up a bit this week. The daddy crypto coin has finally crossed the threshold of $9500 against USD. At the time of reporting this, Bitcoin is trading at $9500 by declining with 0.06 percent within the past 24Hrs.
Given the pro-crypto stance of Visa and MasterCard, what’s your take on crypto mass adoption across the world? Let us know via Twitter