Mastercard on July 22 announced the expansion of its cryptocurrency programme, making it simpler and faster for partners to bring secure, compliant payment cards to market. — Photo courtesy of Mastercard
Aiding adoption and creating innovative experiences in the crypto space, Mastercard on July 22 announced the expansion of its cryptocurrency programme, making it simpler and faster for partners to bring secure, compliant payment cards to market.
Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate programme for emerging brands and fintechs, giving them access to everything they need to grow quickly.
The move comes as Wirex becomes the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard. “Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”
Mastercard principal membership enables Wirex to issue payment cards directly to consumers, making it easier for people to buy, hold and exchange multiple traditional and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.
Currency will always enter Mastercard’s network as traditional fiat currency. Users will also benefit from Wirex’s Cryptoback™ rewards program, which automatically gives customers up to 1.5 per cent back in Bitcoin for every purchase made in-store.
Mastercard’s Accelerate programme provides a simple, single entry point to the company’s wide range of specialised programmes and gives crypto partners and other fintechs support and assistance for every stage of their growth and transformation, from market entry to global expansion. Crypto partners can be onboarded to Mastercard in a matter of weeks and are provided a guided experience through everything the company can offer.
Programme participants are connected to relevant parts of the business to integrate Mastercard’s proprietary technology, leverage its insights and cybersecurity services, engage new customers, and reach new markets and segments. In addition, Mastercard’s commitment to financial inclusion drives focused product development, helping co-create solutions that enable a more inclusive economy.
Enhancing the programme for crypto card partners, Mastercard has streamlined its approval processes to reduce the time to market for partner products while maintaining its commitment to its principles for partnerships.
Consumer interest and investment in digital currencies are growing, with research showing that up to 20 per cent of the population of some countries are holding cryptocurrencies, and an increasing number of merchants, digital players and financial institutions are exploring crypto payments. — VNS