Gone are the days when mainstream payments companies like Visa, PayPal and Mastercard were too scared to step into the cryptocurrency space for its lack of regulation and maturation. There is news breaking all the time about how these companies are looking to this new payments technology to drive the next wave of payments.
The most recent news has seen a major boost for UK-based cryptocurrency company, Wirex, as they have become the first crypto-focused company to be made a Principal member of Mastercard. This is big for Wirex, but equally so for crypto adoption, and for Mastercard who look to be getting onto the frontline of cryptocurrencies.
The Daily Chain spoke with Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships at Mastercard and he said “The cryptocurrency market continues to mature, and Mastercard is driving it forward,” in relation to this latest partnership.
Indeed, it appears that Mastercard wants to be at the forefront of the cryptocurrency evolution that is brewing, but also to facilitate a space that fits into the next evolution of payments.
Important for Mastercard
The cryptocurrency space is one that has finally arrived, it would seem. And now, with companies like Mastercard weighing in with their vast experience, the buzz word appears to be ‘Acceleration.’
“Mastercard has streamlined its processes to reduce the time to market for partner products, whilst maintaining our commitment to our core principles for partnerships. It’s a win-win for both consumers and Mastercard,” explained Dhamodharan.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.
Mastercard is accelerating its Crypto Card Program making it easier for consumers to hold and activate crypto currencies. The Crypto Card Program makes it simpler and faster for cryptocurrency partners like Wirex to bring secure, compliant payment cards to market.”
This recognition by Mastercard, and the acceleration they want to do, has been well received by Wirex as it is also a sign that they are doing right in the emerging space.
“With large companies and big names in the fintech space recognising the benefits of cryptocurrency and both showing their support and integrating this into their operations and services, it’s helping to reassure consumers and businesses of their significance, as well as addressing any concerns they may have, by associating ourselves with reputable, highly respected brands,” one of the founders of Wirex, Pavel Matveev, told the Daily Chain.
“Similarly, we have noticed that regulators are increasingly recognising cryptocurrency as a form of payment, which is helping to give consumers the confidence to adopt cryptocurrency and usher in a cashless society in the future.”
Bringing it to the mainstream
Mastercard is one of the most widely recognised brands, and a product that crosses the lives of nearly the whole global population. For them to enter into the niche cryptocurrency space talks to the fact that the drive is to make crypto more mainstream. Through Wirex, they hope to achieve this.
Wirex has a stated vision to bring cryptocurrency to the mainstream. At Mastercard we are committed to offering consumers choice and flexibility in the way they pay and these same values are mirrored by our partners at Wirex. Wirex also shares the same core values and principles we apply to our network,” Dhamodharan added.
“We have been working hard on securing Mastercard’s principal membership for sometime, and we’re very excited to be the first crypto-native platform to be granted this. As mentioned, we have seen a growing acceptance of cryptocurrency as a form of payment by both the fintech industry as a whole, as well as regulatory bodies, and as such, Mastercard have begun expanding their cryptocurrency program as they welcome more crypto companies to partner with them,” Matveev added
“Wirex strives to provide a next-generation platform that provides a trusted and cost-effective solution for traditional methods of payments, that are renowned for having high fees, slow payments times and being difficult to access. We believe that Mastercard therefore believes in our vision to address these issues, and empower everyone to experience a world where all currencies – traditional and crypto- are equal, something that makes us stand out from our competitors.”
