Mastercard and Visa Are Making Bold Moves Toward Mass Crypto Adoption

Saturday 01 August 2020, 4:07 AM AEST - 1 month ago

Leading global payment companies Mastercard and Visa have been making moves to accelerate the support of cryptocurrency payment processors by opening up new options for users around the world. Both companies made strong statements in support of the use of cryptocurrencies in July by announcing respective projects and collaborations that are driving the adoption of cryptocurrencies.

The positive attitude toward cryptocurrency exchanges and payment platforms from the worlds largest traditional payment processors signals a shift in perception from the traditional financial space. Mastercard has been actively encouraging exchanges and payment service providers to enlist in its recently expanded cryptocurrency card program, becoming partners in just a few weeks as part of its Accelerate program. Meanwhile, Visa outlined its vision of the cryptocurrency space with an overarching theme of positivity toward the market and the role it will play.

The payment service provider noted digital currencies as an exciting avenue to expand existing network-of-networks to support the latest technology powering global commerce. These two global giants are not just offering lip service, either; their payment cards and technology are already powering a number of platforms and service providers within the crypto space. The likes of Coinbase and Binance crypto exchanges use either Visa or Mastercard to power their crypto debit card services.

Visas and Mastercards relationship with crypto is growing

Visas public affirmation of its positive stance toward cryptocurrency payment services reflects its drive to remain a leading player in the global payment network. As highlighted in its outlook on new digital currency payment flows, the company admits that a growing body of players in the traditional financial sphere has been looking to plug into the crypto space: Its a ...

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