The world’s largest card payment company Mastercard said that it is expanding its crypto exchange and wallet services, this comes weeks after Visa announced its desire to become the worlds largest crypto card payment.
Mastercard, the world’s largest payment processor, today announced the expansion of its crypto card program, just weeks after Visa unveiled its aspirations to become the global leader in crypto card payments, pledging to make cryptocurrency as useable as any other currency.
Partner banks and organizations would be able to convert crypto-fiat more quickly with the upgraded crypto card program.
Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc., and Galileo Financial Technologies are also part of the initiative.
The program would also make it easier for banks and cryptocurrency startups to provide a crypto card that uses Mastercard’s existing payment network. Mastercard crypto cards allow users to spend cryptocurrency at millions of retailers that accept the card.
Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, commented:
“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle, and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”
The primary stumbling block to the expansion of crypto card payments was the inability to convert cryptocurrency into fiat instantly, which was previously impossible.
With its relationship with Paxos and USDC stablecoin issuer Circle, Mastercard was able to tackle this important issue. The arrangement would enable quick conversion of volatile crypto into USDC stablecoin and eventually to US dollars.
“The collaboration between Circle and Mastercard demonstrates that dollar digital currencies like USDC play a foundational role in making payments more efficient and can facilitate a new economic activity for businesses worldwide.”
Two of the major centralized payment processing companies, Mastercard and Visa, are gearing ready to lead the crypto payment business is a bullish sign about expanding crypto usage, according to Circle chief strategy officer and head of global policy Dante Disparte.