MasterCard Finalises New Partnership to Expand Its Cryptocurrency Project

It seems the traditional finance sector is merging with financial technologies further. Another payment giant, Mastercard, is expanding its cryptocurrency program to support massive adoption and craft innovative experiences in the blockchain field.

Due to the growing interest and surging adoption rates towards cryptocurrencies, a lot of payment service providers are coming up with new programs to support and boost blockchain-related projects. Now, MasterCard has partnered with Wirex, a UK-based payment processor, to facilitate further development of its crypto-based initiative known as Accelerate program.

Within this program, Wirex card customers will be in a position to convert cryptocurrency funds into fiat currencies such as US Dollar, Euro, Pound, Yuan, etc., and spend the funds at any nearby businesses, merchants or shops accepting MasterCard. This would enable users to securely and transparently convert their digital currencies directly to their credit cards, thus, helping to further increase the demand for cryptocurrency and expand the market.

Digitalizing traditional finance

As the enterprising use of blockchain and cryptocurrency is transforming business models, it is yet just another traditional giant to embrace innovations. Back in 2016, Visa launched a blockchain payment platform called B2B Connect, as CoinIdol, a world blockchain news outlet, has reported. The company entered a market worth $125 trillion using the groundbreaking technology to enable conducting payments within a safe, transparent and cheap system.

Now, the company is looking to hire an engineer with the knowledge of Ethereum to expand the platform’s capabilities, meaning that they see the potential in this disruptive industry.

Another multinational payment bull PayPal is also actively researching the potential of cryptocurrency. Back in June 2020, there have even been rumours about their plans to offer direct cryptocurrency buying and selling options. However, PayPal itself has neither confirmed nor refuted the rumours, leaving the community to guess. Nevertheless, from the company’s letter sent to the EU Commission in March 2020, it is obvious that they are highly interested in the industry. 

As the blockchain and cryptocurrency industry is continuing to mature, financial companies, as well as other players, are expected to take further advantage of its potential to ensure a secure experience for customers performing commercial activities within the transition to a digital economy.