- Mastercard expanded the cryptocurrency program last year
- In turn, making it easier for partners to issue crypto payments cards
- Mastercard has joined hands with BitPay
- Bitpay is a payment processor that allows merchants to accept digital currencies like Bitcoin
For every business, one more important thing is the divergence or adaptation of new technology as per the time. Mastercard is one such company that has understood the importance of changing times and technology. Hence, the company has joined hands with other companies to offer cryptocurrency via crypto payment cards.
As time changes, a shift in every business is considered. Every business evolves with time, and this is what Mastercard had planned to do so when it decided to support cryptocurrencies and be a part of the changing world.
Mastercard is showing a great deal of interest, and the company, rather than maintaining the status quo, is showing its adaptability. The company is bringing change, and it is being done by favoring digital currencies like bitcoin. Hence the Mastercard has launched crypto payments cards.
There are certain countries where at least 20% of people own cryptocurrency, and this growing interest of the people is noticeable by all the merchants and financial institutions. To take advantage of the trend, Mastercard expanded the cryptocurrency program last year, making it easier for partners to issue crypto payment cards.
The U.S. Mastercard has joined hands with BitPay- a payment processor that allows merchants to accept digital currencies like Bitcoin- to launch a prepaid crypto card in June. Consumers via BitPay card can purchase online and make make-in store purchases with funds in their BitPay wallet.
Consumers can use the cards with currencies like bitcoin and Ethereum, and BitPay converts those currencies into fiat currencies like U.S. dollars. The prepaid card was launched in June, and since then, there is no backing for BitPay. The transactions hit a new high for BitPay.
Bitpay partnered with Apple and Wirex
With success, BitPay is unstoppable and now has tied up with Apple to support Apple pay, which means the consumer can use Apple phones to purchase and make contactless cryptocurrency purchases in stores. In the same quarter, the company is all set to roll out the same model for Samsung pay and Google Pay.
The company has been on an expansion spree and has also partnered with Wirex, a London-based company dealing in fintech services. Together with Wirex, Mastercard is set to launch a crypto debit card for the Europeans. But it is a little different from BitPay prepaid cards. Where BitPay offers instant conversion, Wirex allows consumers to spend up to 18 digital and traditional currencies in real-time. It means that the funds are not converted until a purchase is made.
The Wirex debit card also allows consumers to earn 2% cashback in cryptocurrency on any in-store or online purchase.
Conversion of Digital currency to Fiat currency
There might be differences, but these crypto payment cards have one thing in common. They all covert digital currencies to fiat currencies before the transaction. It means that fiat currency is dominant in the Mastercard network. Eventually, it will change. Michael Miebach, Mastercard CEO, has announced that the company will add digital currencies directly to the Company’s network.
According to the change in time, the business change is also crucial and should be the bold step to come of age and mark itself in the stiff competition. Mastercard’s decision to favor cryptocurrencies highlights its strong vision, strong leadership, and forward-looking future.
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