Mastercard to allow cardholders to transact in cryptocurrency
By MYBRANDBOOK
Mastercard announced recently that it will allow cardholders to transact in certain cryptocurrencies. With this announcement, the financial services firm becomes the newest organization to embrace digital currency.
The company in a blog post said that many users on the Mastercard network have used their cards to buy crypto assets. This has been seen all the more during Bitcoin’s recent surge.
“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network,” stated Raj Dhamodharan, executive vice-president of digital asset and blockchain products and partnerships, in the blogpost.
The company also added that this is in no way a recommendation for Mastercard holders to start using cryptocurrencies.
“We are here to enable customers, merchants and businesses to move digital value - traditional or crypto - however, they want. It should be your choice, it’s your money,” stated the blogpost.
However, the company will not support “all of today’s cryptocurrencies” on its network. They will only bring “stable coins” into their network.
Last year, the company partnered with two of the biggest cryptocurrency firms - Wirex and BitPay - “to create crypto cards that allow people to transact using their cryptocurrencies”. This year, Mastercard has teamed up with LVL, an up-and-coming cryptocurrency exchange.
However, cryptocurrencies will not move through the Mastercard network. The partners will convert the cryptocurrencies into traditional currencies, “then transmit them through to the Mastercard network”.
This apart, the company is also “actively engaging with several major central banks around the world, as they review plans to launch new digital currencies”.
“Our change to supporting digital assets directly will allow many more merchants to accept crypto — an ability that’s currently limited by proprietary methods unique to each digital asset,” read the blogpost.
A few days ago, electric carmaker Tesla had announced that the company had invested $1.5 billion in Bitcoin. The announcement sent the cryptocurrency to a record high.
BREAKING NEWS
TECHNO TRENDS
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
ID-REDACT® ensures full compliance with the DPDP Act for Indi
Data Safeguard India Pvt Ltd, a wholly-owned subsidiary of Data Safeguard ...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
India continues to be a key contributor in Hitachi Vantara’s
The brand strategy of Hitachi Vantara is tied to further expanding the Hita
A few changes in policies can make the PLI scheme even more ef
The Production Linked Incentive (PLI) scheme is a government initiative tha
HOT PICK
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
Dell Technologies launches the new consumer and gaming portfol
Dell Technologies has unveiled its newest line of AI-enabled consumer PCs
MAKE IN INDIA BRANDS
CP PLUS INDIA PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
AGGRESSIVE ELECTRONICS MANUFACTURING SERVICES PVT. LTD.
SECUREYE SERVICES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
PARTNER SPEAKERS
PSU
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
VIDEOS
Top 25 Brands
Value-Added Distribution
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
INGRAM MICRO INDIA PVT. LTD.
Ingram Micro India, a large national distributor offers a comprehensiv...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
