Mastercard has reportedly disclosed details regarding its initiative to support crypto in 2021, making digital coin-enabled purchases available to its roughly 1 billion customers, throughout over 30 million merchants.
Specifically, the company reportedly this development will help drive additional clients to the merchants, as well as developing loyalty with their current ones – individuals who are underway of migrating to crypto assets, rather than traditional fiat alternatives.
“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”
Despite the world payment heavyweight reportedly remarked it will support stablecoins, because of their “reliability and security”, Mastercard refused to list out any particular crypto coins in its supporting pipeline.
However, Mastercard reportedly makes four primary criteria known to the public audience, by which it will run assessment for prospective assets: robust consumer protections including consumer privacy and security, strict KYC compliance, as well as compliance to laws and regulations in the region.
Mastercard further claimed it is spending extra efforts to interact with numerous major banks throughout the globe, to support CBDC projects.
In 2020, the company reportedly made a “virtual sandbox” solution available, to display the way to utilize a CBDC to settle consumer purchases using Mastercard’s infrastructure.
“Digital assets are becoming a more important part of the payments world. 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 reportedly remarked.