A great deal of focus has been put by Mastercard on five crucial areas concerning crypto for introducing crypto payment mechanisms in everyday payments.
An executive of the electronic payment giant suggested that the day is not far when crypto payment will overtake electronic payment cards.
At least five crucial areas on which the electronic payment giant, Mastercard, has been focusing these days were discussed on 12th October 2022.
Mastercard’s latest initial In Progress
In the discussion, Mastercard revealed that it is working tirelessly on achieving an objective wherein cryptocurrencies may be introduced into everyday payments.
Mastercard’s EVP of Digital Currencies, Blockchain & Digital Partnerships Raj Dhamodharan talked about the potential of digital currencies.
Dhamodharan said on Wednesday that the decentralized and centralized digital currencies possess the massive potential of merging into traditional financial systems.
Capitalizing Digital Evolution
He explained further the evolution of the digital industry. He stated the evolution would be led by metaverse, blockchain gaming, and NFTs.
These features have the potential to drastically change the way consumers buy things and engage with vendors, merchants, and retailers.
Dhamodharan was of the view that the day is not far when the use of digital currencies would be as seamless as traditional assets. They would take over even electronic payment cards.
5 Crucial Areas of Focus
He then highlighted five major areas where his company has been working to introduce cryptocurrencies for daily use purposes. The first key area Dhamodharan elaborated on was the concept of ‘crypto cards’.
He stated that Mastercard has already launched several crypto cards across the globe in the preceding year and plans to introduce them further in the future.
He referred to his company’s partnership with a cryptocurrency platform called Gemini through which Mastercard has introduced crypto rewards to its credit card holders.
As regards the second crucial area, Dhamodharan informed us that the same is related to services for crypto.
Utilization of In-Hand Sources
He said that Mastercard is also known for providing the best security protocols and standards such as digital IDs, cybersecurity, etc. to the global banking sector.
He told that Mastercard plans to take up its security services to crypto issuers and crypto derivative firms.
The third area he explained was the crypto payment mechanism. In this connection, he informed me that Mastercard has entered into partnerships with several crypto-focused entities like Paxos, Uphold, etc.
The purpose of these partnerships is to facilitate crypto users in efficiently converting their digital currencies into fiat for settling payments.
As regards the fourth, he said that Mastercard has also shifted its focus on the integration of several digital assets into the network.
More Choices for Consumers
He emphasized that by doing so Mastercard wishes to provide more choices to people, particularly its users.
The last and fifth area where Mastercard has been focusing is expanding partnerships into NFTs and Metaverse, said Dhamodharan.
For instance, if a member of the Coinbase firm wishes to purchase an NFT, he can do so by making the payment through Mastercard.