As per the latest reports, MasterCard has announced that it is finding crypto-blockchain technology to be the next big thing. Therefore, it is planning to support cryptocurrency-blockchain technology in the year 2021. If this indeed happens, then the crypto-blockchain industry has another thing coming it’s way.
MasterCard claims that it currently has more than a billion users using its platform. Once MasterCard introduces crypto-blockchain technology, it will have its billion users being exposed to cryptocurrencies and digital assets. The users will have more than 30 million merchants where they would be able to use their digital funds.
This change would not only support users but would also help merchants in great ways. With time, the number of digital currency users is constantly increasing and more and more users are joining the platform on a regular basis.
Therefore, incorporating cryptocurrency services on the platform would be very beneficial even for merchants. They will have more business coming their way as users from the cryptocurrency industry would also be able to use their platforms.
Most importantly, the current MasterCard users who were already planning to switch to digital assets would remain on the platform and would end up being loyal customers.
The spokesperson from MasterCard stated that the recent interest in cryptocurrencies from the company does not mean that it would start recommending cryptocurrencies to its users.
Adopting cryptocurrency technology means that the platform would simply add another payment option for their users. It would be completely up to the users whether they would want to stick to traditional fiat transactions or use digital transactions.
While making the announcement, MasterCard revealed that it is planning to adopt stabelcoins on its platform. The main reason behind the adoption of stablecoins is that they are secure and reliable. However, the global payments giant refused to provide the names of the cryptocurrencies it is planning to bring on board.
However, MasterCard has provided the list of four core checks that it will have in place to assess the prospective assets. The major checks for assessment would be adherence to local laws and regulations, strict KYC compliance, protection of consumer security and privacy, and stability as a means of payment.
The global payments giant has informed that it is already in touch with several central banks and financial institutions. It is currently going through all the options and the risks/benefits of adopting cryptocurrency technology. MasterCard wants to ensure that there are no flaws once it goes ahead with the adoption of cryptocurrencies on its platform.
MasterCard has also revealed that it has been experiencing a rise in demands for digital payment access from its users. Therefore, the company is confident that it will be seeing mass adoption for digital asset payments once the infrastructure is put in place.