The world’s leading card payment provider, MasterCard, has revealed that it is currently working on ensuring that cryptocurrency becomes an “everyday way to pay” asset as the company envisions an increase in adoption.
The 5 Areas of Focus
The payment giant has made five areas its main point of concentration to turn crypto into an everyday utility. In addition to cryptocurrency, the firm also mentioned NFTs and Metaverse as other areas of interest.
Accordingly, MasterCard Vice President, Raj Dhamodharan, revealed that virtual assets like crypto and central bank digital currencies (CBDC) are critical for the financial sector.
The executive added that the financial system is currently in a phase where the means of transactions are rapidly changing.
NFTs and the Metaverse could significantly change the pattern of communications. Additionally, the explosion in the use of blockchain will change how people transact and pay for their utilities, said Raj.
With the rise in the use of contactless payment platforms, the executive believes that soon, owning crypto will be seamless.
Furthermore, the MasterCard official highlighted the five central areas of the company’s drive to realize its aims. The five major areas of focus include:
- Crypto
- Crypto Service
- Payments
- Expanding Crypto on MasterCard
- Metaverse and NFT
The top priority, according to Raj, is a crypto-based card. Meanwhile, MasterCard has already developed and supplied dozens of such cards worldwide within the past year.
For example, in the United States, MasterCard partnered with Gemini to issue credit cards that reward holders in crypto tokens. Similarly, the same happened in Argentina, with Binance as the other party.
MasterCard’s European move appears more advanced as it has already revealed the world’s first crypto-physical debit card. In addition, holders can customize the card so users can integrate their NFT avatar.
The second area of focus is crypto service to institutional enterprises via MasterCard’s platform. Payments fall under the third focus, with MasterCard collaborating with other providers to enable individuals to convert their crypto to fiat for payment.
Fourthly, the expansion of MasterCard crypto services on all its networks. Lastly, collaborating to support NFT and Metaverse.
Enhancing NFT Payment with Coinbase
The partnership between MasterCard and the U.S.-based crypto exchange Coinbase is geared toward facilitating NFT payments.
Following a flurry of deals with crypto services providers, MasterCard seeks to ensure seamless payment solutions for its cardholders.
The collaboration with Coinbase will allow customers to use either MasterCard’s credit or debit card to make purchases on NFT marketplaces. Due to the friction experienced by buyers in the NFT marketplace, Coinbase aims to leverage its partnership with MasterCard to provide a seamless transaction experience.
Meanwhile, the crypto exchange is also looking for ways to expand its payment services in the digital finance ecosystem.
The growing popularity of NFTs shows that traditional card payment service providers are ready to take a bet on the opportunities.
As one of the leading card payment platforms, MasterCard continues to pave the way for access to digital financial services.