Digital payments giant, Mastercard is planning to give merchants the option to receive payments in cryptocurrency later this year.
Mastercard disclosed this in an update on its website on Wednesday, February 10.
Regardless of how people view it, Mastercard says “the fact remains that these digital assets are becoming a more important part of the payments world.
“We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets, especially during Bitcoin’s recent surge in value. We are also seeing users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending.
“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance.
“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money” Mastercard says in the update.
The company says allowing crytocurrencies will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.
“This change may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option. And customers will be able to save, store and send money in new ways.
“We want to help these concepts flourish and reach their potential, while also developing and encouraging the necessary guardrails”, the company says.
