May 15, 2021

Mastercard will add support for cryptocurrency payments

Mastercard will add support for cryptocurrency payments

Mastercard plans by the end of 2021 to provide merchants in their system with the ability to accept payments in cryptocurrencies. CoinDesk writes about this with reference to a source familiar with the situation. What cryptocurrencies will be accepted and when the service will officially start working is still unknown.

Previously, Mastercard offered limitedcryptocurrency transactions in cooperation with Wirex and Uphold card issuers. Such cards support only outgoing payments and do not allow the entire settlement cycle in cryptocurrency: it is converted into fiat currency before being received by the recipient. It is assumed that, thanks to the new initiative, merchants on the Mastercard platform will be able to completely move their relationships with their customers outside the fiat system.

The source noted that most of the holdersBitcoin considers it primarily an investment, not a means of payment. In addition, according to him, the inclusion of the first cryptocurrency in the new Mastercard initiative is not guaranteed. He argues that the selection will be based on the Blockchain Collaboration Principles framework developed by Mastercard in 2019.

The document was prepared against the background of the company's withdrawal from the Libra stablecoin project and describes methods for assessing stability, consumer protection and legal compliance when choosing partners.

"Many of the 2,600 digital currencies in existence today do not meet these criteria.", - then reported Mastercard.

Subsequently, the company confirmed information about its plans for cryptocurrencies by posting a message on its blog.

“No matter what views onthe cryptocurrencies you hold - from fanatical to extreme skepticism - the fact remains: these digital assets are becoming an increasingly important part of the payments world. Right now, we are preparing for the future of cryptocurrencies and payments, announcing that Mastercard will begin supporting select cryptocurrencies directly on its network this year. This is a major change that will take a lot of work..

We will be extremely thoughtful about the choicesupported assets based on proprietary digital currency guidelines that are focused on consumer protection and legal compliance. Our philosophy on cryptocurrencies is simple: Choice matters. Mastercard is not here to recommend that you start using cryptocurrencies. We are here to enable customers, retailers and businesses to digitally move value. ”

Mastercard has been active for several yearsdiscovers the space of cryptocurrencies and blockchain, having received 89 specialized patents to date and awaiting approval of another 285. These include methods of ensuring the privacy of cryptocurrency transactions, verification of credit card payments on the blockchain, instant processing of payments on the blockchain and refunds when using cryptocurrencies ...

First implementation technology patentThe company began processing bitcoin payments back in 2013, but left it in 2015. In 2019, she organized a team of wallet developers and other people from the cryptocurrency industry and is currently also offering clients a platform for testing central bank digital currencies.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For the safe and convenient purchase of cryptocurrencies, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

The most reliable sites with the highest turnoverfunds, for several years the largest cryptocurrency exchange in the world has been Binance. The Binance platform is the most popular crypto-exchange in the CIS as well, since it has the maximum trading volumes and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

# Cryptocurrency exchange Official site Site evaluation
1 Binance (Editor's Choice) 9.7
2 OKEx 7.4
3 Exmo 6.9
5 Huobi 6.5
5 Yobit 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Mastercard will add support for cryptocurrency payments


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