The US-based financial service provider giant Mastercard recently announced that the company is planning to enhance its card program for cryptocurrency exchanges and digital wallets. The company added that it is working with different partners, including Evolve Bank & Trust, Circle, and Paxos, to test the new capability. In an official press release, Mastercard added that the new capability would enable more banks and cryptocurrency companies to offer a card option to people interested in spending their cryptocurrencies.
Mastercard aims to simplify payments card offerings for cryptocurrency firms.
Mastercard mentioned in the announcement, “Today, when people spend cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether, or Litecoin, it must enter and settle on Mastercard’s network as traditional fiat currency, such as the U.S. dollar.” Until now, crypto providers planning to launch or expand card programs could find it operationally challenging to perform the currency conversion, a critical step preceding the settlement on Mastercard’s network,” the financial firm added in the announcement. Earlier this year, Mastercard revealed that the company is planning to support cryptocurrency payments due to a significant surge in demand.
Mastercard plans on making the cryptocurrency conversion process simple and easy.
The US firm firm further highlighted the benefits of making the cryptocurrency conversion to fiat process simple and easy. “Today, not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier. Through our engagement with Evolve, Paxos, Circle, and the larger digital assets community, Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay,” the financial firm added in the announcement.