Mastercard will allow affiliated merchants to receive payments in bitcoin later this year. It means that the establishments that accept the credit card will be able to accept payments in cryptocurrencies, without intermediaries and beyond the fiat ecosystem.
In a release official, the company noted that the payments processed by cardholders They can be settled in cryptocurrencies in all affiliated businesses.
The company added in the statement that it is reflecting on the crypto assets that will be compatible with its network. Although he gave signs that he will give the green light to stablecoins, which it considers the most reliable, among many of the options currently available.
We are seeing this unfold on the Mastercard network, with people using cards to purchase crypto assets, especially during the recent surge in value of bitcoin. We also see that users are increasingly taking advantage of crypto cards to access these assets and convert them to traditional currencies for spending.
These data shed new light on CEO Michael Miebach’s promise in the fourth quarter to integrate payments in digital currencies “directly on our network”, providing maximum flexibility to customers and merchants alike.
That Mastercard allows its affiliates to accept payments in bitcoin represents a paradigm shift, since, in December of last year, the CEO of the company, Ajay Banga, considered that bitcoin was not a useful instrument for financial inclusion of unbanked sectors because “their volatility terrifies.”
Banga said at the time that central bank digital currencies offered a more practical solution to achieve financial inclusion. In fact, he considered the most viable option in the face of the decrease in the use of cash was to digitize fiat currencies, “helping cross-border trade flows.”
However, since July 2020, Mastercard users settled in Europe can recharge their cards with cryptocurrencies and use them around the world through the Wirex service, just like CriptoNoticias reviewed at that moment.