Mastercard expands cryptocurrency program for crypto card issuers

  • July 29, 2020
  • Bitcoin

In an interesting move, Mastercard is now trying to attract cryptocurrency firms as they are rolling out a cryptocurrency card program. The firms will become partners, and Mastercard will begin to issue crypto cards to users. The company plans to speed up the process of registration and make it simple for crypto card issuers to begin the business. The company will offer support similar to what they do with other currencies. The amazing experience of Mastercard and their cybersecurity will help the crypto card issuers to gain confidence among the users. It will also have a huge impact on the exchange of cryptocurrencies as more users will be trading in favor of the same. Even many more people who are still not in favor of using this currency will start using the same in the near future as Mastercard is a reliable name in the field of finance. 

Partners must comply with Mastercard regulations

The partners who issue crypto cards will have to comply with strict regulations and ensure that consumer interest is protected at all times. This includes providing security and privacy to users of cryptocurrencies. Apart from that, they should also comply with laws like anti-money laundering so that there is credibility about the entire industry. The partners should also provide a level playing field for all people involved in the transactions. This includes mobile network operators, merchants and financial institutions.

London based Wirex partners with Mastercard

London based Wirex, which is a known name in crypto payment processing, has partnered with Mastercard and it will issue crypto payment cards in association with Mastercard. This is the first native crypto company to get a membership with Mastercard. With this membership, users can now convert crypto assets to fiat currency and use them at any outlets accepting Mastercard.

Company officials are optimistic about this partnership, and they believe that this will lead to increased confidence in the market about the cryptocurrencies. The association with Mastercard will help the company to provide the best service to its users who can now shift between regular currency and cryptocurrency according to their needs. The company so far has accumulated over 3 million users.

In a similar move in the United States, Mastercard has partnered with BitPay, which is a known name in the blockchain payments provider business. They will launch prepaid cards for crypto users, and this will help the cryptocurrency users to go mainstream with their financial transactions.

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