Mastercard

On November 17, Amazon, the largest Internet marketplace, announced that it would discontinue Visa payments. This has led to a massive user turn to MasterCard.

According to the new research by MasterCard, it has been found that the use of digital payment technologies including mobile money (MoMo), Bitcoin and other cryptocurrencies have boosted especially during the Covid-19 pandemic.

Cryptocurrency cards are the modern way to spend bitcoins for purchases even if the vendor doesn’t accept cryptocurrency directly. However, users worldwide face multiple issues while using these crypto cards, including the inability to pay everywhere, bad customer service, bad exchange rates, high fees, and even closed or frozen accounts with money lost.

Bitcoin has now reached a market cap (MC) of over $1.13 trillion whereas Visa combined with MasterCard have a market cap of about $864 billion. This is a clear indication that the world's original cryptocurrency is more attractive than the two giant financial services added together.

Payment giants including PayPal, Visa and MasterCard are more than determined at driving mainstream adoption of blockchain technology and digital currencies to the next level. It's as if these companies are competing to see who will offer the best alternative as far as making payments and transactions using cryptocurrencies is concerned.

Financial inclusion of the globe’s unbanked population has been a sensitive issue for years. With the introduction of cryptocurrency, there have been speculations about its potential to get all these people aboard international finance. But is it really so?

A financial services company dealing in processing digital payments between the banking institutions of merchants and the card-issuing banks, MasterCard, is capitalizing in an investment project aimed at financial inclusion of the underbanked.

A multinational payment bull MasterCard offers a virtual platform to test the potential of central bank digital currency (CBDC). The company wants to help central banks globally that are planning to develop, analyze and explore their state-backed virtual currencies.

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.