Mastercard to Launch Card Payment Solution for Crypto Firms

Mastercard

July 20, 2021

Reading Time: 2 minutes

Global giant card company Mastercard is launching a never-seen-before card payments solution for crypto firms.

Currently, crypto traders wishing to make payments in Bitcoin, Ether, Bitcoin Cash, or Litecoin have to endure the timely process of the digital coins entering and settling on Mastercard’s network first as traditional fiat currency. Multinational financial corporation Mastercard is promising no more of this process going forward in its new simplified card payments for crypto firms.

Mastercard Partners with Circle, Evolve, and Paxos for New Card Feature

The new extended card program feature for cryptocurrencies will ensure less friction and an expanded set of options for consumers. Moreover, cryptocurrency exchange platforms will be able to directly offer the card program to clients on their platform.

Global card giant Mastercard is working in collaboration with some of the big players in blockchain infrastructure to test this feature. Circle, Paxos Trust company, and Evolve Bank & Trust are card payment provider Mastercard’s partners in this launch.

Evolve Bank & Trust and the Metropolitan Commercial Bank will be the partners issuing the cards to customers. Crypto firms Uphold and Bitpay, on the other hand, will chip in to provide real-time crypto wallet technology for the program.

Multinational Financial Corporation Mastercard is Delivering on a Promise

Card payment provider Mastercard first hinted at the launch of the simplified card payments for crypto firms back in February. Global card giant Mastercard announced that it was preparing to enable select stablecoin directly on its network.

Regarding the launch, Raj Dhamodharan, the Executive Vice President of digital assets and blockchain products & partnerships at Mastercard stated that the card giant was delivering on a promise. In collaboration with Evolve, Paxos, Circle, and the rest of the crypto community, Mastercard was bringing a simplified card payments feature to crypto firms.

Mastercard’s choice of stablecoin is USDC. It is why it is leveraging the services of Circle, it being a principal operator of the USD coin. Circle’s Chief Strategy Officer and Head of Global Policy commented that Circle’s collaboration with multinational financial corporation Mastercard goes to show that dollar digital currencies like USDC play a foundational role inefficient payment system.

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