Monday, March 1, 2021

Mastercard to support cryptocurrency payments later this year

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More support is emerging for the cyber coin segment, with Mastercard announcing that it will start accepting payments in digital currencies later this year. However, they must pass the selection criteria.

Mastercard’s vice president of digital assets and blockchain, Raj Dhamodharan, announced that the company will start analyzing digital currencies in the market and, those that meet safety and reliability criteria will be accepted as a form of payment.

“This is a big change that will require a lot of work. We will be very attentive about which assets we are going to support ”, stressed Dhamodharan.

This is another support that comes to the sector, after the increase in Bitcoin’s appreciation to record values. Mastercard’s decision to embrace the cryptocurrency follows in the footsteps of the payment company PayPal, as does Tesla, which announced the $ 1500 million investment in the currency.

Mastercard announces that the selection process has started and that it intends to evaluate the currencies with respect to consumer privacy and protection, seeking to have the same level of security as expected from credit cards.

In addition, the company intends for cyber currencies to implement measures to “Knowing the Customer”, that is, identity checks already applied in the financial services sector. On the other hand, it will be necessary for virtual currencies to respect the local laws and regulations of the markets in which they operate, reports Engadget.

Currently, Mastercard has already allows you to convert digital currency in traditional currencies through partners such as Wirex or BitPay, in addition to holding 89 blockchain-related patents and being in process for another 285 registrations.

At the same time, the move is expected to allow many companies to accept cryptocurrency as a form of payment.

Ana Isabel Moura Ana Isabel Moura, ZAP //

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Mastercard to support cryptocurrency payments later this year