Mastercard wants more banks and companies to allow their customers to pay with cryptocurrencies and is therefore expanding its card program with cryptocurrency wallets as well as exchanges.
The American multinational financial services corporation wants to achieve this thanks to an extensive partnership with several important partners. According to the official report, these will be the following partners of Evolve Bank & Trust, Paxos Trust Company, the leading blockchain infrastructure and regulated stablecoin issuance platform, and Circle, peer-to-peer payments technology company and the principal operator of the USD Coin (USDC).
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle stated the following: “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 new economic activity for businesses worldwide.”
Mastercard argues that while there have been opportunities to provide cryptocurrency payments, the operation of converting crypto to fiat and vice versa has always been challenging, so this is a crucial step in addressing this challenge.
In addition to the partners mentioned above, Mastercard is also in discussions with others such as Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, and i2c Inc., Apto Payments and Galileo Financial Technologies® to support processing and program management.