The major global payment companies Mastercard and Visa have taken steps to accelerate support for cryptocurrency payment processors, providing new opportunities for users around the world. The companies released strong data to support the use of digital currencies in July, announcing relevant projects and collaborations that drive the adoption of digital currencies.
The positive attitude towards the exchange of cryptocurrencies and payment platforms from the largest traditional payment systems in the world indicates a shift in the realization of traditional economic space. MasterCard is actively promoting exchanges and payment service providers to participate in the recently expanded cryptocurrency card program, and within a few weeks they became partners in the acceleration program. Meanwhile, Visa has set out its vision of the area of the cryptocurrency with a cross-cutting theme: positive attitudes towards the market and its role.
The payment service provider highlighted digital currencies as an exciting opportunity to expand existing network networks to support the latest technologies that drive global trade. These two global giants not only provide delivery services; Their payment cards and technologies already work with a number of encryption platforms and service providers. For example, Coinbase and Binance encryption use Visa or Mastercard to service their encryption card services.
Visa and Mastercard relationship grows with cryptocurrency
Visa's public recognition of its positive attitude towards payment services reflects the desire to remain a leading player in the global payment network. As outlined in “New Digital Currency Payments Prospects,” the company acknowledges that more players in the traditional economic landscape are looking to enter the crypto region: “This is the concept that is gaining traction outside of financial technology technology.”
The company has already partnered with some of the leading crypto-based companies by 2020, including Coinbase and Fold. This is in addition to more than 25 cryptocurrency wallets linked to visa systems. Visa also has a technology-focused acceleration program called FastTrack, which allows technology companies, including cryptocurrency and blockchain companies, access to systems and the network.
The company has also developed its own cryptocurrency projects, which include investments in Anchorage Technology, which is building the security infrastructure for the cryptocurrency system. The research team has also worked for several years in the blockchain space, culminating in the creation of letters for Zether and FlyClient projects.
In addition, Visa has been involved in developing rules and guidelines for cryptocurrencies around the world. He worked with the World Economic Forum to develop guidelines for central banks dealing with the use of central bank digital currencies. Cointelegraph contacted Visa for more information, but the company declined to provide more information other than the blog post.
Mastercard actively encourages cryptocurrency exchanges and payment service providers to subscribe to its Accelerate platform to accelerate the partnership process by quickly tracking new discounts and accepting credit card sellers, providing additional assistance to the market and international expansion. However, potential partners must meet the strict requirements set by Mastercard. This includes a high level of consumer protection and compliance with anti-money laundering regulations / Know your customer.
This move towards partnering with a cryptocurrency is associated with news that Wirex has become the first cryptocurrency platform to gain major Mastercard membership. Some jobs give users the ability to instantly convert cryptocurrencies into regular fiat currencies. An additional bonus is the bonus program, which gives users 1.5% of purchases made with these cards in Bitcoin.