Whatcha Know About Mastercard's Crypto Push?
Purchasing Merchandise with Digital Currencies Now Approved by Mastercard
Mastercard's recent move sees them partnering with the OKX crypto exchange and Canadian payment provider Nuvei to create a global system that accepts stablecoin payments at over 150 million merchant locations worldwide. This new system is referred to as a "global end-to-end stablecoin acceptance and payment infrastructure."
Businesses can now accept payments via Circle's USDC stablecoin. Notably, this system isn't a one-off collab; it also includes ties with prominent crypto platforms such as MetaMask, Kraken, Gemini, Bybit, Crypto.com, and Binance.
Mastercard's Product Manager, Jorn Lambert, highlighted the significance of simplifying stablecoin payments for both users and businesses. The aim is to unlock digital finance's full potential.
In relation to this, OKX's Marketing Manager, Haider Rafique, mentioned that the OKX Card—launched in partnership with Mastercard—is designed to make digital finance a part of everyday life. Mastercard, on the other hand, plans to introduce a crypto payment card for European users managing their own wallets by October 2024.
On the same day, crypto wallet MetaMask announced its new "Metal Payment Card" in partnership with CompoSecure and Baanx. This card, which operates on Mastercard's infrastructure, allows users to make direct purchases using their own MetaMask wallets without the need for balance top-ups or converting crypto to fiat currency.
What's the Gist?
Mastercard is teaming up with various partners to integrate stablecoins into mainstream payment flows. They're working with tech companies and crypto platforms like OKX and Nuvei to develop a system that allows merchants to receive payments in stablecoins like USDC, regardless of the original payment method used by consumers. Partnerships like these aim to make stablecoins practical tools for real-world transactions.
Mastercard's initiative also involves collaboration with OKX to launch the OKX Card, which enables users to spend stablecoins seamlessly across the Mastercard network. Nuvei, meanwhile, helps facilitate merchant settlement in stablecoins. This partnership aims to streamline payment processes and improve the utility of stablecoins for everyday use.
Anything Else Interesting?
In increasing global regulatory clarity, payments via Mastercard's "Multi-Token Gateway" (MTN) will be executed in real-time. Large financial institutions like JPMorgan and Standard Chartered are already integrated. The system is designed to bridge the gap between blockchain and traditional financial systems while maintaining control and security for crypto users. The Metal Payment Card from MetaMask, which is currently available in limited countries, enables users to make direct purchases using their own MetaMask wallets, bypassing the need for balance top-ups or converting crypto to fiat currency.
- The technology sector is broadening finance with Mastercard's integration of stablecoin payments, such as Circle's USDC, into traditional payment systems, allowing over 150 million merchants worldwide to accept such payments.
- Mastercard's collaboration with OKX extends beyond the OKX Card, as they also aim to integrate a crypto payment card for European users by October 2024.
- Apart from Mastercard's initiatives, MetaMask has partnered with CompoSecure and Baanx to launch the "Metal Payment Card," which operates on Mastercard's infrastructure, enabling users to make direct purchases using their own MetaMask wallets without requiring balance top-ups or converting crypto to fiat currency.
- Mastercard's "Multi-Token Gateway" (MTN) is designed to maintain control and security for crypto users while bridging the gap between blockchain and traditional financial systems, with large institutions like JPMorgan and Standard Chartered already integrated.
