Top payment processing company, MasterCard, has announced a new feature that will enable its customers to perform cryptocurrency transactions on its platform. MasterCard announced that it has partnered with banks to provide crypto payment services on its platform. According to a report by CNBC, MasterCard announced that it has added a new product that allows interested users to buy, sell, store, and transfer cryptocurrencies through a crypto feature. Customers will also be able to take part in loyalty programs through crypto integration.
The feature comes as a welcome relief to many customers who have limited access to cryptocurrency due to several actors. It will be offered as a Crypto-as-Service and run on modern digital technologies designed to facilitate speed and the highest level of security.
What Has Been Said
MasterCard said in its announcement that it is partnering with Bakkt for the project. Bakkt, a Georgia-based company that offers cryptocurrency storage and trading, will act as the custodian and handle part of the processes from its end. Top MasterCard executive, Sherri Haymond, said that the cryptocurrency feature is designed with customers in mind and hopes to provide increased access to cryptocurrencies.
MasterCard has 2.8 billion users and has a working partnership with over 20,000 financial institutions from 210 countries. The integration of cryptocurrency services will therefore be a significant event in the global adoption of cryptocurrencies because more people will be reached with a simpler way of using cryptocurrencies without leaving their preferred payment solution, MasterCard.
Is Crypto Adoption Closer Than We Think?
MasterCard’s announcement is the latest in a growing number of events that are expected to positively impact the global view of cryptocurrency and add momentum to the push for their adoption. For cryptocurrency to be adopted by countries as a recognized payment system, the general opinion of governments must become favorable so that crypto-friendly policies can be created. It is therefore an important win for the crypto industry that a financial giant such as MasterCard has now entered the crypto scene to bridge the gap between users and cryptocurrencies.
It is also significant that MasterCard is partnering with Bakkt, a crypto company that recently received approval from the SEC to list its stocks on the NYSE. Although MasterCard is known for its investments in the digital token industry, this is the first time that it is partnering with a crypto company that has gone live on the stock exchange.
Recently, the SEC stated that there are more applications from crypto companies seeking approval to list their ETFs. Sustaining this momentum can well hasten the much-awaited cryptocurrency adoption that the experts expect to happen.
It is safe to assume that MasterCard will also partner with financial institutions, Central Banks, and other necessary players to facilitate the use of CBDCs when they become popular. Cryptocurrencies and CBDCs offer similar solutions and have similar features, but they differ in two fundamental ways; decentralization and transaction fees. Whether countries will choose CBDCs over cryptocurrencies will depend on how well the latter can outperform the former in speed, safety, and convenience.
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