Cryptocurrency

Mastercard supports cards with cryptocurrencies

The interest of the consumers for the investment in cryptocurrencies is growing. Against this growing need, now Mastercard has announced its partner program cards with cryptocurrencies, through its alliance with Wirex.

Specifically, Wirex will be the first platform of cryptocurrencies native in get membership license of main MasterCard. Wirex has grown rapidly over the past 18 months. In this time, they have managed not only a successful expansion in the Asia-Pacific region, but also the release of their token native Wirex (WXT).

What is the meaning of this announcement of Mastercard for the industry of cryptocurrencies?

In the first place, this announcement comes to meet the need of a growing number of traders, players, digital to mobilize their cryptocurrencies. With this it is clear that institutions and companies are exploring the payments cryptocurrencies.

Therefore, this announcement of Mastercard will help the adoption and create innovative experiences in the space of cryptocurrencies. What we have stated results in a more easily and rapidly to lead the market of payment cards with cryptocurrencies that are safe and compliant.

Also, with this Mastercard is promoting the experience of partnership between them and the companies cryptocurrencies who plan to develop cryptographic cards. All of this through the invitation to join the program Accelerate2 Mastercard for brands and emerging Fintechs, giving them access to everything they need to grow quickly.

This programme provides an entry point simple and unique with the wide range of specialized programs of Mastercard. Also, provides assistance to partners during each stage of its growth and transformation, from the entry into the market until the global expansion.

Now, Wirex can issue cards directly payment with cryptocurrencies, backed by Mastercard. The market of the cryptocurrencies continues to mature and Mastercard, what is driving, creating experiences safe for the consumers and enterprises in the digital economy today.

This was what he said Raj Dhamodharan, Executive Vice president, Digital Assets, Products and Alliances Blockchain, Mastercard: “Our work with Wirex and the ecosystem of cryptocurrencies broader is speeding innovation and giving consumers more options to pay.“

What exactly are the implications of this alliance?

The membership main of Mastercard allows Wirex issue payment cards directly to consumers. Making it easier for people to buy, keep and exchange multiple currencies and traditional cryptocurrencies.

In this way, consumers can instantly convert your cryptocurrencies in fiat currency traditional, that you can spend everywhere where Mastercard is accepted worldwide. The currency always will be admitted to the network of Mastercard as a fiat currency traditional.

In addition, users will also benefit from the rewards program Cryptoback ™ of Wirex. This automatically offers customers up to 1.5% back in Bitcoin for every purchase made in a store.

“We are very excited that Wirex is the first company criptonativa to be granted the membership main of Mastercard,” said Pavel Matveev, CEO and co-founder of Wirex.

Later this year, the company plans to launch a next generation of cards, Wirex for customers in Europe. Among the characteristics they seek for this project is to allow for withdrawals international atm free of charge. Wirex also plans to begin issuing corporate cards for customers of Wirex Business.

So it would appear the new cards, Wirex and Mastercard for the use of cryptocurrencies at the global level.

What should they do other companies that want to be part of the same program that Wirex?

Mastercard has announced that its associated cryptographic must meet a number of conditions, among which we can highlight the following:

To provide a strong protection to the consumer, including the privacy and security of information and transactions consumers.To provide equal conditions for all stakeholders, including, among others, financial institutions, merchants and mobile network operators.Operate in full compliance with all applicable laws and regulations, including applicable anti-money laundering, and in accordance with the economic systems of the countries in which it operates the network.

With this, Mastercard is committed to implement its innovation, experience and scale to partners emerging of cryptocurrencies. Therefore, is driving the creation of global ecosystems to modernize the payments.

The way in which people and businesses conduct transactions is changing.

What do you think of all this? Do you think that the time of the adoption of the cryptocurrencies in mass is more and more near?

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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