Mastercard plans to simplify crypto-fiat conversion 

For Mastercard, it’s not enough to provide mere crypto to fiat conversion. The multinational financial services giant is looking to simplify its conversion process to be ahead of its competitors. 

Also, Mastercard found out in its study that more people are now encouraged to use modern payment mediums such as biometrics, QR code, and at the top of the list — cryptocurrencies. 

It also added that 40% of the people surveyed said they are looking forward to using cryptocurrency next year. 

‘We’re making it easier’

Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products and partnerships, said “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional currency, and we’re making it easier.”

He noted that Mastercard has always been committed to delivering efficient payment methods for its customers all over the world using the most convenient technologies available. 

Mastercard is partnering with banks (Evolve Bank & Trust and Metropolitan Commercial Bank) and crypto companies (Uphold and Bitpay) to make its initiative possible. 

Eliminating frictions

Even with the rise of cryptocurrencies, a lot of people are still hesitant to use them as payment methods because of their volatile nature. Also, the current process for sending crypto funds still has frictions that consumers find inconvenient. 

That is why Mastercard is taking the initiative to establish a simpler, but still secured way of converting crypto into fiat currency to provide more convenient services for its customers. 

Mastercard is moving fast to expand its presence into the crypto field, as its major competitors, like Visa, are starting to establish their footing in this growing market to take advantage of its massive potential. 

 

Image courtesy of Cointelegraph News/YouTube

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