Mastercard, the financial services firm, came up with an announcement on Wednesday. It is giving allowance to the cardholders to transact in specific cryptocurrencies in its network. It is becoming the latest company to embrace the digital assets rightly.
The company right now is preparing for the future inclusion of crypto in payments. Thus, it made the announcement this year that Mastercard is going to support selected cryptocurrencies directly on their network.
Here’s what exactly Mastercard said in a blog post, “We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network.”
The firm is also making its engagement with the central banks all over the world more active. It is a part of their new strategic plan for launching the latest digital currencies.
The company is on its way to prioritize consumers’ protection and compliance, along with its own plans. Raj Dhamodharan, the executive vice president of digital asset and blockchain products and partnerships, mentioned this in the post.
Mastercard is already partnering along with some of the biggest cryptocurrency firms. It also includes companies like Wirex and Bitpay.
According to Dhamodharan, their change is going to be supportive of digital assets and allow more merchants to accept the crypto. It is giving an ability, which is presently limited by the proprietary method and is unique for each of the digital assets.
He further added that this change is going to cut out the inefficiencies while letting both consumers and merchants avert the need to convert back and forth between cryptocurrency and the traditional mode of making purchases.
The announcement of Mastercard came after Tesla Inc. said that it had made a $1.5 billion investment in bitcoin this week. It has rightly sent cryptocurrency to the highest of records.
“Our philosophy on cryptocurrencies is straightforward: It’s about choice,” said Dhamodharan. “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value.”