Mastercard says they will work with CBDCs, stablecoins and cryptocurrencies
Mastercard, one of the largest payment companies in the world, revealed that its network is already working with the integration of digital currencies, whether they are Central Bank Digital Currencies (CBDCs), stablecoins or cryptocurrencies.
According to the company, the integration with different types of digital currencies is an important part of its plans. After all, Mastercard works to provide more freedom to its partners in offering products. In addition, for users, it works by providing several possibilities for payments with Mastercard cards.
In the case of CBDCs, the company highlighted that it has already been working with central banks around the world. The objective is to enable the official digital currencies of countries within their ecosystem.
As Walter Pimenta, the company’s vice president of Products and Innovation, pointed out, the integration of Mastercard with CBDC in the Bahamas is a great laboratory on how this integration can be conducted to improve services provided to the population.
Also according to Pimenta, in the case of stablecoins, the company already has a partnership in this endeavor. In the US and UK, Mastercard offers this service through stablecoins USDC.
Therefore, users from these countries can use Mastercard’s network through stablecoin for payments and other functions.
“We are already enabling USDC processing in some countries and for all of them the plan is the same. As long as there is regulation, we are open to working with stablecoins”, he said.
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Also according to the executive, in the case of cryptocurrencies, they are not directly integrated into Mastercard’s network as is the case with CBDCs and stablecoins.
In this case, there is a program called “Crypto Card” in which companies that work with cryptocurrencies can request authorization to issue cards with the company’s brand.
With the authorization granted, companies can issue a Mastercard card that will allow payments with cryptocurrencies. However, it is necessary that the certified company and card issuer convert the crypto balance into fiat before sending the amounts to the network.
“We don’t sell Bitcoin and cryptocurrencies. But the customer card issuer can do this and enable the fiat balance on the Mastercard customer card. We already have several companies running this service on our network”, he said.