Crypto Card: Mastercard, Visa Are Working On Making Cryptocurrency Payments Happen

You may be able to literally pay for your everyday purchases with bitcoin soon.

Mastercard (NYSE: MA) announced that it is working with Binance to enable using crypto assets as payments through its network. CEO Michael Miebach posted on his LinkedIn account that the payment gateway is aiming to “let people to use their crypto to make purchases at 90m+ stores that accept Mastercard.”

“We can unlock the full potential of blockchain technology when we make it easier to access + easier to use. One way we do that is by bringing crypto to everyday purchases,” Miebach wrote.

The long-awaited move follows the company’s announcement in February 2021 of allowing certain cryptocurrencies on its payment network.

Mastercard’s leading competitor, Visa (NYSE: V), is also reportedly working on integrating the cryptocurrencies to its network. In January, Visa said there’s around US$2.5 billion in transactions through its crypto-linked cards in Q1 2022—more than half of all Visa’s crypto volume for 2021.

But Mastercard is taking one step ahead–the global payment platform launched its Binance crypto card in Argentina. The card allows Argentinians to transact using their crypto assets that will be changed to fiat currency at point of sale.

Adaptability has been one of the key issues in adopting cryptocurrency. The ease of doing everyday transactions using crypto coins would push the industry further as an acceptable mode of payment.

Mastercard’s crypto card is set to support 14 cryptocurrencies, including the U.S. dollar-pegged stablecoin tether, bitcoin, ethereum, BNB, cardano, solana, and XRP, among others.

Mastercard last traded at US$327.22 on the NYSE.


Information for this briefing was found via Forbes. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Gold and Crypto Sent Soaring as Investors Seek Shelter From Inflation

With the Fed now contending with a complete collapse of its transitory narrative, gold and...

Thursday, November 11, 2021, 04:04:00 PM

Hive Blockchain Pushes Computing Power To 1,229 PH/s With Purchase Of 6,400 Additional Miners

Hive Blockchain (TSXV: HIVE) is looking to once again upgrade its computing power for the...

Tuesday, January 19, 2021, 07:14:22 AM

Is Binance Really Making A “Full Exit” From Russia?

Binance has officially entered into a strategic agreement to divest its entire operation in Russia,...

Thursday, September 28, 2023, 12:17:59 PM

Hive Blockchain: Not Just A Bitcoin Company – The Daily Dive

Joining us for the mid-week episode of the Daily Dive is Darcy Daubaras, the CFO...

Wednesday, July 14, 2021, 01:30:00 PM

No, Anthony “Pomp” Pompliano Isn’t Done With Bitcoin — Maybe It’s Just Character Development?

The meme account @BusinessFamous called it: the Twitter profile of Anthony Pompliano, more popularly known...

Sunday, September 11, 2022, 03:13:00 PM