Mastercard It outlines the field for “turning cryptocurrencies into everyday payment methods.” A Mastercard executive said:
Mastercard Focuses on Five Key Areas Covering Crypto, Metaverse and NFTs
We highlighted five different areas we’re working on to “turn currency into a daily payment method.” “
Raj Dhamodharan, Mastercard’s digital his asset and blockchain product & Executive Vice President of Digital Partnerships, explained: He added that non-fungible tokens (NFTs), blockchain games, and Metaverse experiences “could change the way consumers shop and communicate.”
Soon the ability to own and use digital currency may be as seamless as contactless card payments.
Dhamodharan outlined his five key areas where Mastercard is working to make this happen. The first area is the crypto card. He detailed that Mastercard has already announced dozens of new crypto card programs around the world this year. Developed a credit card that pays rewards in currency. In Argentina, Binance has launched a prepaid card. In Europe, Mastercard recently unveiled the world’s first physical debit card that can be customized to include a customer’s NFT avatar.
The second area is services for cryptocurrencies. “Mastercard provides cybersecurity, digital identity, advisory and open banking services to tens of thousands of financial institutions,” Damodaran said. To “use the same tools,” he said. Mastercard expanded its consulting practice to include a dedicated crypto practice and completed its acquisition of Ciphertrace last year. The company will soon launch a new crypto surveillance product called Crypto Secure.
The third area is payments. “We have partnered with leading crypto-focused companies such as Paxos, Circle, Evolve and Uphold to develop a way for people to quickly convert crypto to fiat and make payments. The work will support current and future crypto card partnerships,” the executive detailed.
Noting that the fourth area focuses on crypto on the Mastercard network. , Damodaran emphasized:
An important way to expand people’s choices is to bring certain Mastercard-approved digital assets into our network. It’s a plan we announced last year and it continues to move forward.
The fifth area concerns the metaverse and non-fungible tokens (NFTs). Mastercard is looking to expand its partnership to support NFTs and the Metaverse, he explained. For example, a Coinbase user can now pay for her NFTs with his Mastercard.
In conclusion, Mastercard executives said the payments giant already operates a “trusted global network that enables payments with a single tap or click.” He added: “That’s what the crypto economy needs to support his next million users, or his next billion users.” I will help.
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