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Mastercard to Support Cryptocurrency Transactions on its Network

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Mastercard is preparing for the future of transactions by planning to support cryptocurrency transactions across its network. This comes at a time when these digital assets are becoming a more important part of the payments world, especially during Bitcoin’s recent surge in value.

In a blog post, Mastercard says, “We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protection and compliance.”

The company goes on to say that its philosophy on cryptocurrencies is straightforward: It’s about choice.

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“Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however, they want. It should be your choice, it’s your money.”

Mastercard expects this to create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. It may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option. And customers will be able to save, store and send money in new ways.

Edited by Jenna Delport

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