MasterCard recognizes the potential of cryptocurrencies and has set its sights on playing a role in making these digital currencies forms of payment that people can use on a daily basis. To this end, the company is focusing its attention on five aspects that can make it possible for cryptos to become mainstream forms of payment.
Raj Dhamodharan, executive VP at MasterCard responsible for digital assets, blockchain products as well as digital partnerships at the company, says that the infrastructure of the financial system could be transformed by digital assets such as cryptocurrencies and digital currencies issued by central banks (CBDCs). He claimed, however, that by combining the best technologies, the long-awaited goal of making cryptocurrencies a common, everday method of payment could be achieved, igniting a flurry of new businesses and the facilitation of quicker, easier and less-expensive financial transactions.
Dhamodharan also stated that the world has to wait a little longer before any of this becomes a reality. Nevertheless, he adds, a day is approaching when cryptocurrency payments will be transacted in the same way as card transactions. Here are the five aspects that Dhamodharan says MasterCard will zero in on as a way of increasing the use of digital currencies as forms of payment.
Dhamodharan explained how the company had already made several worldwide announcements about MasterCard’s new cryptocurrency card programs this year. For example, the company worked with Gemini in the United States to make credit cards that offer cryptocurrency incentives.
In Argentina, the company worked with Binance to make a prepaid card that allows customers to fund their cards with cryptocurrency. Most recently, the company came up with the world’s first real debit card that can be personalized to feature a customer’s NFT avatar in Europe.
Despite its success in providing a number of services to financial institutions, MasterCard is recognizing the need to enlarge its offerings in the crypto industry. As a result, they have stated an expansion of consulting services to include a dedicated practice of crypto currencies.
He revealed that MasterCard has collaborated with a number of companies that are focused on crypto business in order to develop methods that can help people to quickly convert their cryptocurrency to other currencies and enable them pay for current and future crypto card collaborations.
Crypto on MasterCard networks
One important way to give people more options is to bring certain digital assets approved by MasterCard onto its networks. This was launched last year, and the company continues to work on this approach, says Dhamodharan.
Metaverse and NFTs
MasterCard, according to Dhamodharan, is intent on expanding its partnerships to support the metaverse and NFTs for superior user experiences. For example, Coinbase users can now buy NFTs using MasterCard.
The company hopes that as it deepens its reach in those five aspects, more people will resort to using cryptocurrencies as a form of payment globally. This deeper penetration will most likely benefit other industry players such as LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF) as growing numbers of people embrace these novel technologies.
NOTE TO INVESTORS: The latest news and updates relating to LQwD FinTech Corp. (TSX.V: LQWD) (OTCQB: LQWDF) are available in the company’s newsroom at http://ibn.fm/LQWDF
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