According to the latest report, Mastercard said it is preparing to support cryptocurrencies directly on its network this year, as the company follows the rise of digital assets.
The company said it is seeing more people using cards to buy crypto assets such as Bitcoin, as well as more people using crypto cards to access and convert these assets into traditional currencies for spending.
“Regardless of your opinion on cryptocurrencies, the fact remains that these digital assets are becoming a more important part of the payments world,” said the firm.
Mastercard Inc said their philosophy about cryptocurrencies is straightforward, and they are not here to force you to use it or not but the choice is yours.
“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 Inc. is also “actively engaging” with central banks around the world on their plans to launch new digital currencies, according to a blog post on Wednesday.
The company will prioritize consumer protections and compliance in its own plans, Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said in the post.
Mastercard’s announcement comes after Tesla Inc. said it invested $1.5 billion in Bitcoin this week, sending the cryptocurrency to a record.
On the other hand, Visa Inc. has said if a digital currency becomes a recognized means of exchange, there would be no reason why the firm wouldn’t add it to its network, which already supports 160 currencies.