Mastercard intends to turn crypto into an everyday means of payment

The representatives of Mastercard talked about the key crypto areas the company is working on in order to turn crypto into an everyday means of payment.

According to Mastercard’s executive vice president of digital asset, blockchain products and digital partnerships Raj Dhamodharan, digital assets such as cryptocurrencies and central bank digital currencies (CBDC) can have a significant impact on the financial services industry. He also added that soon it will be as easy to pay with crypto as with bank cards, and metaverses and NFTs can make a real impact on the users’ buying pattern.

Dhamodharan noted that in the first place the company focuses on the issue of cryptocurrency-based cards. This year, Mastercard has already launched several programs around the world. For example, the payment system has partnered with Binance in order to launch special crypto debit cards in Argentina.

Moreover, Mastercard is working on crypto services and provides consulting services for many financial organizations.

Another important area is crypto payments. Mastercard works together with several large companies focused on cryptocurrencies and tries to find ways to quickly convert digital currencies into fiat money to make purchases. Last year, the company announced the launch of crypto-linked cards in Asia in partnership with CoinJar, Amber Group and Bitkub.

The company is also interested in metaverses and the NFT industry. This January, Coinbase and Mastercard announced the collaborations in order to simplify the process of buying non-fungible tokens.