Mastercard Announces Plans to Broaden Crypto Card Program
As the financial landscape continues to embrace cryptocurrencies, Mastercard is making a move to stay ahead of the curve. In a recent announcement, the global payments giant revealed plans to expand its crypto card program, allowing for more seamless integration of digital currencies into everyday transactions. The decision to expand Mastercard’s crypto card program comes as the company recognizes the growing demand for cryptocurrency-related products and services.
Mastercard Seeks More Partnerships To Expand Its Crypto-Card Plans
Mastercard, the multinational financial giant, is preparing to extend its cryptocurrency payment card program by actively pursuing collaborations with a greater number of crypto firms. The company’s Head of Crypto and Blockchain shared this development as digital currencies continue to garner attention from regulators and traditional banks become increasingly cautious.
In its mission to incorporate cryptocurrencies into the mainstream, Mastercard has already teamed up with leading crypto exchanges such as Binance, Nexo, and Gemini. These partnerships have allowed the company to offer crypto-linked payment cards in select countries. Cards linked to Binance, for example, enable users to make payments in fiat currencies using their cryptocurrency holdings on the exchange.
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, said:
“We have dozens of partners around the world who offer crypto card programs and they continue to expand. Providing access to crypto in a safe way is also part of our value proposition, and we’re continuing to do that.”
Mastercard Ensures Complete Regulation Before Launching Crypto-Cards
As banks become increasingly cautious of cryptocurrency clients, the sector faces heightened scrutiny following the collapse of several major crypto firms last year, including the bankruptcy of the prominent exchange FTX. Meanwhile, U.S. regulators are intensifying their efforts to address the market’s perceived lack of compliance.
In March, the U.S. Commodity Futures Trading Commission filed a lawsuit against Binance, the world’s largest crypto exchange. The regulator accused Binance of operating an “illegal” exchange and a “sham” compliance program. Binance CEO Changpeng Zhao, however, responded to the complaint by asserting it presented an “incomplete recitation of facts.”
While not commenting on Binance specifically, Dhamodharan assured that any card program “goes through full due diligence” and is subject to ongoing monitoring.
Major banks, such as Santander and NatWest, have imposed limits on the funds UK customers can transfer to cryptocurrency exchanges as a protective measure against scams and fraud.
When questioned about the possibility of Mastercard imposing restrictions on the amount of money that could be transferred to crypto exchanges via its payment network, Dhamodharan responded,
“We’re not here to pick winners. We’re not here to pick which transaction should happen or shouldn’t happen.”
Dhamodharan emphasized that users of Mastercard’s network undergo numerous compliance checks and also mentioned that the company has invested in cutting-edge crypto analytics technology. Dhamodharan said,
“Mastercard is really quite enthusiastic about the underlying blockchain technology that powers cryptocurrencies. We think more and more regulated money will come to this.”
Visa and Mastercard Slam Brakes On Crypto Innovation, Putting Partnership Plans On Hold- Report
The regulatory crackdown on the crypto industry by the Securities and Exchange Commission (SEC) has left its negative impact on different sectors of the crypto industry. As the community continues to remain in a FUD situation amid crypto regulations, several crypto firms are now giving up their partnership plans and putting a halt to their business expansion. In a recent report, payment giants Visa and Mastercard have sent shockwaves as they plan to suspend plans for new cryptocurrency partnerships.
A Major Setback For The Crypto Community!
Visa and Mastercard have long been at the forefront of the payments industry, leading the charge toward a more seamless, digital future. However, recent news that the two giants have decided to “slam the brakes” on their crypto innovation plans has sent shockwaves through the industry.
Visa and Mastercard have decided to postpone the rollout of new partnerships with cryptocurrency firms in response to recent high-profile bankruptcies in the industry, which have led to increased regulatory scrutiny.
The delay comes after a period of growing collaboration between the payment giants and cryptocurrency firms as the popularity of digital currencies skyrocketed. Just a few weeks ago, Mastercard explored payments via USD Coin, while Visa focused on settling transactions with stablecoins.
However, in light of current developments, both companies have exercised caution and put their plans on hold.
According to sources, Visa and Mastercard have postponed the launch of certain crypto-related products and services until the market situation and regulatory policies become more favorable.
While the delays are not impacting their core business, both companies are reportedly concerned about the uncertain regulatory landscape for digital currencies.
In addition, the recent collapse and bankruptcies of centralized digital asset custodial firms, including Celsius, FTX, Three Arrow Capital, Voyager Digital, and others within the past year, have made the situation more challenging.
Visa And Mastercard Demotivate Investors’ Sentiments
For many in the crypto community, this move by Visa and Mastercard is a setback. Some have criticized the payment giants for being slow to adapt to the changing landscape of the payments industry, while others have accused them of stifling innovation.
However, it’s important to note that Visa and Mastercard’s decision is not a blanket ban on all cryptocurrencies. Instead, it seems that the two companies are taking a cautious approach, only willing to engage with digital currencies that meet certain criteria.
An official from Visa said, “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services.”
However, the focus for both the payment giants on the crypto space remains unchanged. A spokesperson for Mastercard commented,
“Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems.”
MEXC Global Officially Launches MEXC Mastercard To Support Global Payment
On December 27, MEXC Global, the world’s leading crypto-asset trading platform, officially launched the MEXC Mastercard, allowing cryptocurrency holders to use digital assets in daily payments.
MEXC
It is reported that the MEXC Mastercard can be directly connected to the user’s MEXC account, allowing users to recharge with cryptocurrency balances. Cardholders can manage their cards, view transaction history, and access customer support through the card dashboard on the MEXC app and website.
Andrew, VP of MEXC Global, said:
“MEXC is committed to tangibly promoting global cryptocurrency adoption, bringing cryptocurrency into everyday shopping. We believe that the MEXC Mastercard is an important step in encouraging wider cryptocurrency use and global adoption.”
The launch of the MEXC Mastercard is a new practice of MEXC in cryptocurrency. MEXC Mastercard can not only help cryptocurrency to be used in life payment like traditional bank account payment but also expand the user base from traditional financial card users to those Users who are keen on spending with cryptocurrencies. Now such cryptocurrency cards are becoming more and more popular.
“The launch of the MEXC Mastercard also reflects our reliability, innovation, and influence. We always start from the perspective of users’ needs and provide users with professional products and services. After continuous efforts, in the second half of this year, the liquidity of contracts, spot, and ETFs has achieved the world’s first.” .
– Andrew added
About MEXC：
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, and more. MEXC currently serves more than 10 million users worldwide and embraces the philosophy of “Users first, MEXC’s Changing for you”.
Visit the website and blog for more information, and follow MEXC Global and M-Ventures & Labs.
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
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Mastercard Working On Five Key Areas To Make Crypto “An Everyday Way To Pay.”
The post Mastercard Working On Five Key Areas To Make Crypto “An Everyday Way To Pay.” appeared first on Coinpedia Fintech News
On Wednesday, Mastercard listed five main areas in which it is striving to “make crypto an everyday way to pay.”
Raj Dhamodharan, Mastercard’s executive vice president of Digital Asset and Blockchain Products & Digital Partnerships, went on to describe five critical areas in which Mastercard is trying to make this happen.
The first is crypto cards. He went on to say that Mastercard has already launched dozens of additional crypto card operations throughout the world this year.
The second segment is crypto services. The third is payments. The fourth category is concerned with crypto on Mastercard networks. The fifth area is about the metaverse and non-fungible tokens (NFTs).