MasterCard will add cryptocurrency support to its network by the end of the year

The international payment system MasterCard has announced that it will add the ability to conduct cryptocurrency transactions to its network this year.

According to the announcement, despite ongoingdisputes over digital assets, they are becoming an increasingly significant element of the world of payments. Therefore, by the end of the year, the company intends to add functionality that will allow users to make direct transactions with cryptocurrency.

Currently, cardholders can pay with digital assets, but merchants receive these payments in the form ofthe equivalent amount of fiat after conversion at the current exchange rate.

MasterCard also announced that it plansonly support a subset of existing cryptoassets as many are still not compliant. Although the company does not name valid options, it says there are stablecoins among them.

The new functionality will allow businesses not onlyaccept cryptocurrency payments, but will also stimulate the promotion of this payment method. However, in some cases, to popularize this form of payment, the integration of solutions for second-level scaling will be required. Because currently, due to the overload of the mempool, the average commission on the Bitcoin network fluctuates around $14.

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