Photo credits: FinTechf
Mastercard is planning to offer support for some cryptocurrencies on its network till the end of 2021, reported Mastercard newsroom. In fact, Mastercard already offers customers cards that allow people to transact using their cryptocurrencies, although without going through its network.
The move comes as Wirex becomes the first native cryptocurrency platform to be granted a Mastercard principal membership. This membership enables Wirex to issue payment cards directly to consumers, making it easier for people to buy, hold and exchange multiple traditional and cryptocurrencies.
Customers can convert their cryptocurrencies that can be spent everywhere Mastercard is accepted. Users will also benefit from Wirex’s Cryptoback™ rewards program, which automatically gives customers up to 1.5% back in Bitcoin for every purchase made in-store. The CEO and co-founder of Wirex, Pavel Matveev said:
“We are very excited for Wirex to be the first crypto-native company granted principal membership from Mastercard. It represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and will help us to realize our vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.”
Wirex has been growing rapidly over the past 18 months, with a successful expansion into the Asia Pacific region and the release of its native Wirex Token (WXT). The company also plans to launch a card for customers in Europe with additional features.
The Accelerate program provides an entry point to the company’s range of specialized programs with giving crypto partners and fintech support for every stage of their growth and transformation. Program participants are connected to relevant parts of the business to integrate Mastercard’s proprietary technology, leverage its cybersecurity services, get new customers, and reach new markets. The company will only work with crypto partners that follow their core principles.
- Provide strong consumer protection, including privacy and security
- Deliver a level playing field for all stakeholders
- Operate in full compliance with all applicable laws and regulations
Mastercard’s main goal is to build global ecosystems with modernized payments and to transform the way on which people and businesses transact.