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Mastercard will allow payments in cryptocurrency

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The international payment system Mastercard is ready to allow transactions with multiple cryptocurrencies in 2021. This was reported on the official website of the corporation.

MasterCard Worldwide or MasterCard Incorporated is an international payment system, a transnational financial corporation uniting 22 thousand financial institutions in 210 countries of the world.

 “This is a big change that will take a lot of work. Digital assets are becoming an increasingly important part of the fintech world. For complete clarity, not all of today's cryptocurrencies will be supported on our network,” explained Raj Damodaran, Executive Vice President of Mastercard for Digital Assets, Blockchain Technologies and Partnerships.

The specific list of cryptocurrencies has not yet been disclosed, but it is clarified that the choice will be made in favor of those that are safe for Mastercard users. The payment system is also exploring the possibility of launching new digital currencies.

“Mastercard is actively engaging with several major central banks around the world as they are considering plans to launch new digital currencies called CBDCs (Central Bank Digital Currency) to offer their citizens a new way to pay,” added Damodaran.

For this purpose, there was created a platform for banks to test the use of digital currency in a simulated environment.

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Bitcoin rise

This news triggered a new rise in Bitcoin prices. According to CoinDesk, the cryptocurrency has set a new high of $ 48,925.53 at its peak.

Also, the oldest American bank BNY Mellon announced that it is developing a platform for storage and operations with digital assets, including cryptocurrency.

The active growth in the value of bitcoin started at the beginning of the week after Tesla invested $1.5 billion in it and announced that it would accept cryptocurrency as payment for its products. Since the beginning of 2021, the cost of bitcoin has already added 69%.

The fintech market started out with digital payments and now includes a huge number of services and financial products. With the use of smartphones and the mobile internet, many financial services are now delivered remotely. Online you can get a loan, make a purchase, buy insurance, open an account, order a card. The revolution in technologies for analyzing big data and predictive analytics, the proliferation of neural networks has made it possible to develop electronic services that surpass the analytical capabilities of a person.

What do you think about the future of cryptocurrency and its role in fintech world? Share your opinion in the comments below! If you wanna learn more or know more you can contact my team or you can jump into a one-on-one call with me right now clicking one of the the below buttons.

Alessandro Rocco Pietrocola is an entrepreneur, fintecher, investor, blogger and author based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, UAE, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) and NZ FSPR (Financial Service Provider Register) Approved Person and has great experience as director of regulated companies.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.

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