- Mastercard could be about to accept cryptocurrencies at their terminals worldwide
- Coindesk reports that the company is working on a way for retailers to accept cryptocurrencies without the need for fiat conversion
- Mastercard provides cards for a number of crypto debit card companies
Mastercard could be on the verge of accepting cryptocurrency payments on their retail terminals, according to reports. Coindesk cites a source within the organisation who says that the payments giant will give all its merchants the chance to accept cryptocurrencies later this year in a move that would represent the biggest step forward yet in cryptocurrency adoption. It would also do away with the argument that ‘you can’t buy anything with crypto’ and would see merchants accepting cryptocurrency direct without the need for customers’ to convert to fiat first.
Mastercard Plans Would Transform Crypto Usage Worldwide
The Coindesk Mastercard story is scant on detail, stating only that the company is “planning to give merchants the option to receive payments in cryptocurrency later this year”, citing CEO Michael Miebach’s pledge last year to integrate cryptocurrency payments “directly on our network” as another piece of evidence for the move. Mastercard has been heavily involved in the blockchain space for several years, securing patents, investing in crypto platforms, and underpinning crypto debit card services since 2018.
One key factor that propels this from just another form of debit card payment to a revolution in the space is the fact that Mastercard customers’ cryptocurrency payments would be settled in their digital format at participating merchants, negating the need for users to convert to fiat first. This would mark a departure from the existing format adopted by almost all crypto cards, streamlining the entire process and eliminating a huge barrier to entry.
Biggest Move Yet for Crypto Adoption
The cryptocurrency ecosystem has seen huge adoption and growth in the last year, with PayPal’s launch of their investment platform in November being the biggest leap for mainstream adoption yet. While we don’t yet know which cryptocurrencies will be accepted on the Mastercard platform were it to go ahead, the idea that cryptocurrency payments could be made as easy as regular fiat currency payments worldwide will be bigger yet.
Many crypto skeptics argue that ‘you can’t buy anything with crypto’, but the introduction of such a platform from Mastercard would eradicate criticism in a trice.