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Mastercard to support cryptocurrency payments in 2021

2021-02-11 18:37 by
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Mastercard Inc. will begin allowing its clients to transact in certain cryptos on its platform, becoming the latest company to embrace cryptocurrencies.

"Our philosophy on cryptocurrencies is straightforward: It's about choice," Raj Dhamodharan, an executive vice president at Mastercard, wrote in a post late Wednesday. "Mastercard isn't here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want."

However, Mastercard says that it's only going to support cryptocurrencies that meet a number of requirements—including stability, privacy, and compliance with money laundering laws. The problem is that few cryptocurrencies meet Mastercard's criteria. Indeed, it's not clear if any of them do.

Mastercard has already partnered with some of the leading crypto firms, including Wirex and BitPay – the company has historically required crypto to be converted into fiat currencies before processing payments for transactions on its platform.

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