Mastercard will include cryptocurrency in its network
After Elon Musk revealed that Tesla had purchased $1.5 Billion of Bitcoin and it would accept payment in Bitcoin, another big news hits the market. The card giant Master Card has announced that it will open up its network to cryptocurrency.
In a blog post released on Wednesday Mastercard announced that it will add cryptocurrency to its network. The post stated, “we are preparing for the future of crypto and payments”. To the crypto community’s excitement, the multinational financial service provider that connects merchants and banks to facilitate payments throughout the world emphasized on the fact that “ the fact remains that these digital assets are becoming a more important part of the payments world.”
In the past, Mastercard had teamed up with crypto players such as Wirex and Bitpay to launch cryptocurrency card in the past. However, these cryptocurrency cards only allowed cryptocurrency holders to transact cryptocurrency without having to go through their network. So, Wires and BitPay were converting cryptocurrency to fiat on their end.
In the light of recent news, merchants and shoppers will gain the ability to conduct a financial transaction with an entirely new form of payment. The change will support merchants to directly receive payment in cryptos than in cryptos converted into fiat. According to Raj Dhamodharan, Asia-Pacific Grop Head of Digital Payments and Labs, the move will “ cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.”
The possibilities for cryptocurrency are opening-up. And now more than ever more institutions and individuals are flocking to hold digital assets. If you have invested in cryptos keep them safe. Download XcelPay Wallet for your android and ioS devices. XcelPay Wallet is one of a kind crypto payment solution that uses biometrics to keep your secure cryptos secure. You can also create multiple wallets within XcelPay Wallet to store multiple crypto coins like Bitcoin, Ethereum, XDC, and XcelToken Plus.
