Mastercard is working alongside Wirex and Bitpay to create Crypto Cards to allow consumers to use cryptocurrency for transactions. In a press release, the financial service company hinted at teaming up with other companies, such as the cyptocurrency exchange LVL, to allow consumers an easier way to spend cryptocurrencies.
While it’s noted that Mastercard does not currently allow any of the newer digital currencies to move through their network– for this, they have utilized third parties for transactions– the big announcement is that, later this year, Mastercard will directly support cryptocurrencies and allow them on their network, resulting in a more efficient process for the company and the consumer.
Not all digital currencies will be supported on their network; Mastercard will only be working with those digital currencies that promise reliability and stability, or those that can be considered stablecoins. Mastercard has also partnered with a number of banks around the world and has worked with them on creating new digital currencies. Stay tuned.