Global payment giant Mastercard has highlighted 5 key areas it is working on to improve the use of digital currencies in the global financial system.
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MasterCard is Focusing on 5 Key Areas Covering Crypto, Metaverse, and NFTs
In a blog post by the payment company on Wednesday, Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard said that Mastercard is looking to bring together the best of tech, crypto, banking, and fintech.
According to Dhamodharan, “someday soon” we would be able to spend cryptocurrencies as seamless and contactless card payments which will require some level of development in 5 key areas.
He furthered that “Digital assets like cryptocurrencies and central bank digital currencies [CBDCs] have the potential to transform the financial system’s infrastructure.”
In Dhamodharan statements, he stated the five major areas that the payment company is looking at to make this possible, one of these areas is the use of crypto cards.
Mastercard also said that it has announced a lot of crypto card programs of which the most notable one is the partnership with Gemini to unveil a credit card that pays rewards in cryptos for US users.
Meanwhile, in Argentina, Mastercard unveiled a prepaid card with Binance, also in Europe, MasterCard announced recently the first physical debit cards.
Another key area is services for crypto, “Mastercard is a provider of cybersecurity, digital ID, advisory and open banking services to tens of thousands of financial institutions,” Dhamodharan explained that Mastercard is going to use the same tools “to provide more support to crypto players and issuers.”
The third area is payments, “We’ve partnered with a handful of top-tier crypto-focused companies, including Paxos, Circle, Evolve and Uphold — to develop ways for people to quickly convert their crypto to fiat to make payments. This work will support current and future crypto card partnerships,” the executive noted.
The executive furthered on the fourth area which is the company’s networks, Dhamodharan noted that “an important way to expand choice for people is to bring certain Mastercard-approved digital assets onto our networks, a plan we announced last year that continues to move forward.”
And the last area is metaverse and nfts, the payment company said it is working to promote its partnership to support metaverse as well as nfts.
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