MasterCard should offer cryptocurrency payments as of this year






MasterCard will allow merchants to accept payments in cryptocurrency.

The payments giant plans to add cryptocurrencies directly to its infrastructure in 2021.



Crypto-currencies at MasterCard

In a blog post, MasterCard announced that it will 'begin supporting certain cryptocurrencies directly on its network' in 2021.

These details shed new light on the commitment made by the CEO. Michael Miebach in the fourth quarter of integrating digital currency payments into the Mastercard network. He explained that this new service would provide maximum flexibility to customers and traders.

But which crypto-currencies are these? The announcement is cautious on this point, as the company seeks 'cryptocurrencies that offer reliability and security.' Surely these are stablecoins, which are cryptocurrencies designed to hold their value against an asset like the dollar, so that they can be used for payments.

MasterCard has already shown interest in stablecoins. In September 2020, the company launched a platform for central banks to test their own digital currencies, called CBDCs.



 read also: Jack Dorsey, P.-D.G. from Twitter, operates its own Bitcoin (BTC) node


A race between giants

At the end of January, the P.-D.G. of Visa, Al Kelly, said in a meeting that his company is considering adding cryptocurrencies to its network, although it has made no commitments.

He said: 'As a specific cryptocurrency becomes a recognized medium of exchange, there is no reason why we cannot add it to our network, which already supports over 160 currencies.' .

The payment giants seem to be competing fiercely to take over cryptocurrencies on their respective networks quickly. PayPal also intends to roll out the payment functionality to merchants in its network in 2021.



Sources : CNet, Mastercard


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