Electronic payments giant Mastercard announced that it is perfecting its crypto card program for investment portfolios and exchanges. The firm seeks to create an instant conversion platform between fiat money and cryptocurrencies, to facilitate crypto payments in its member businesses.
“Simplifying the process will allow more banks and crypto partners the opportunity to offer their consumers the option of paying with cryptocurrencies, “reads the company’s statement, published last Tuesday. The initiative would reach all the stores that accept Mastercard, but it would be tested in principle in a few banks and exchanges.
“Mastercard and its partners will test this new ability to allow more banks and crypto companies to offer a card option to people who want to spend their digital assets anywhere Mastercard is accepted,” they added.
The main partners include Evolve Bank & Trust and Metropolitan Commercial Bank (in charge of issuing the cards), and Bitpay and Uphold (which will provide technological services for crypto-wallets in real time). Processing payments and managing the program itself, will be in charge of Apt Payments, Galileo Financial Technologies and I2C Inc.
“Today, not all crypto companies have the critical infrastructure to convert cryptocurrency to traditional fiat currency, and we are facilitating that,” added Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard.