Where some major companies from across the entire world are entering the world of cryptocurrencies with gargantuan investments, many others are adding support for digital currencies on their platforms to facilitate their customers. Following the footsteps of the leading payments services firm Visa, the payments giant MasterCard has also announced to add support for cryptocurrencies on its network.
MasterCard To Allow Merchants Accept Crypto Payments
MasterCard is the latest company that is going to step into the cryptocurrency space. The payments giant has announced in an official blog post published on Wednesday that it will start accepting payments in digital assets and will allow merchants to begin accepting cryptocurrency payments.
This will open a door for the company’s one billion users as they will have an opportunity to spend their cryptocurrencies at over 30 million merchants. The firm said that it plans to make this happen by the end of the present year.
The company said that it would add support only for a selected number of digital assets. However, MasterCard has not revealed the names of digital assets that it will be supporting. But the firm said that it would assess assets based on its principles, and then it will decide which digital assets to support. These principles will focus on strict Know Your Customer compliance and consumer protection.
While giving further clarification regarding this, the firm said that it would not support all of the digital currencies of today. The company stated that there are many cryptocurrencies that do not meet their requirements as they still are required to tighten their measures for compliance. The company hinted that stablecoins might be added to its network as they are more reliable and regulated than others. Tether (USDT) and USD Coin (USDC) are one of the famous stablecoins in the world.
MasterCard said that it does not matter whatever your opinion about digital currencies is; the fact is that these cryptocurrencies are becoming a crucial part of the world of payments with the passage of time. Therefore, the firm said that it is right now preparing for the future of digital currencies and payments.
MasterCard is already supporting limited digital currency transactions via its partners Uphold and Wirex. However, these only allow customers of the company to pay in cryptocurrencies. But now, the company is going to give users an opportunity to spend their crypto too.
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