MasterCard Reveals Plans to Support Crypto on its Network

Global payment giant, Mastercard, is planning to take cryptocurrency usage a step further. Yesterday, the company announced it would now be integrating cryptocurrencies on the Mastercard network.

Crypto Payments Should be Faster

The integration is scheduled to take place later this year, although a particular date has not been publicized. This is completely different from any of its crypto-related services, as this means crypto will be directly on the network. Without a third party now, crypto payments with Mastercard ought to be faster. 

Before now, the payment company provided cryptocurrency cards for its users. These cards required vendors to change crypto to fiat to receive payment for their services. When the integration is complete, vendors would be able to receive their payments in crypto without conversion.

MasterCard says this move was inspired by some observations. Firstly, it has been observing the trend of people using their cards to buy crypto and carry out crypto transactions. People are also using crypto cards to access crypto and change to fiat. 

“We are preparing right now for the future of crypto and payments,” Mastercard shares. What cryptocurrencies would be on the network? The payment company has not specified which ones, only that it will “start supporting select cryptocurrencies.” However, Mastercard says they would be selected based on compliance.

Stablecoins Might be the Only Pick

Yet, stablecoins might be chosen over other kinds of cryptocurrencies. “Many of the hundreds of digital assets in circulation still need to tighten their compliance measures,” Mastercard explains. Stablecoins provide “reliability and security” and therefore might be the only coins on the network.

The payment company also explained that it is not telling people to get crypto or to start using it, but it wants to provide payment options for everyone. “We are here to enable customers, merchants, and businesses to move digital value – traditional or crypto – however, they want.”

The payment company is making leaps in the crypto space. It launched its crypto card last year in partnership with Wirex and BitPay, a bitcoin payment company. The payment firm also partnered with a growing crypto exchange LVL, last month to collaborate on debit cards. Huobi also recently launched direct Visa and Mastercard payments.