Consumer interest in investing in cryptocurrencies is growing. Faced with this growing need, Mastercard has now announced its cryptocurrency card partner program, through its alliance with Wirex.
Specifically, Wirex will be the first native cryptocurrency platform to obtain a MasterCard primary membership license. Wirex has grown rapidly over the past 18 months. In this time, they have achieved not only a successful expansion in the Asia Pacific region, but also the launch of their native Wirex (WXT) token.
What does this Mastercard announcement mean for the cryptocurrency industry?
First of all, this announcement comes to satisfy the need of an increasing number of merchants, digital players to mobilize their cryptocurrencies. With this it is clear that institutions and companies are exploring payments with cryptocurrencies.
Therefore, this Mastercard announcement will serve to help adoption and create innovative experiences in the cryptocurrency space. What they have stated translates into greater ease and speed to bring cryptocurrency payment cards to the market that are safe and compliant.
Likewise, with this Mastercard is promoting the experience of association between them and cryptocurrency companies that plan to develop crypto cards. All this through the invitation to join Mastercard’s Accelerate2 program for emerging brands and Fintechs, giving them access to everything they need to grow rapidly.
This program provides a simple and unique entry point to the wide range of specialized Mastercard programs. Likewise, it provides assistance to associates during each stage of their growth and transformation, from market entry to global expansion.
Wirex can now directly issue cryptocurrency payment cards, backed by Mastercard. The cryptocurrency market continues to mature and Mastercard is driving it, creating safe experiences for consumers and businesses in today’s digital economy.
This is what Raj Dhamodharan, Executive Vice President of Digital Assets, Products and Blockchain Alliances, of Mastercard said: “Our work with Wirex and the broader crypto ecosystem is accelerating innovation and giving consumers more options to pay“
What exactly are the implications of this alliance?
Mastercard’s primary membership enables Wirex to issue payment cards directly to consumers. Making it easier for people to buy, hold, and exchange multiple traditional currencies and cryptocurrencies.
In this way, consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere Mastercard is accepted globally. The currency will always enter the Mastercard network as a traditional fiat currency.
Additionally, users will also benefit from Wirex’s Cryptoback ™ rewards program. This automatically offers customers up to a 1.5% Bitcoin refund for every purchase made in a store.
“We are very excited that Wirex is the first cryptocurrency company to be awarded Mastercard’s primary membership.”, stated Pavel Matveev, CEO and co-founder of Wirex.
Later this year, the company plans to launch a next generation of Wirex cards for customers in Europe. Among the features they are looking for in this project is to allow international withdrawals from free ATMs. Wirex also plans to start issuing corporate cards for Wirex Business clients.
What should other companies do that want to be part of the same program as Wirex?
Mastercard has announced that its crypto partners must meet a series of conditions, among which we can highlight the following:
- Provide strong consumer protection, including the privacy and security of consumer information and transactions.
- Offer a level playing field for all stakeholders, including, but not limited to, financial institutions, merchants and mobile network operators.
- Operate in full compliance with all applicable laws and regulations, including those applicable to anti-money laundering, and in accordance with the economic systems of the countries in which the network operates.
With this, Mastercard is committed to applying its innovation, expertise and scale to emerging cryptocurrency partners. Thus, it is driving the creation of global ecosystems to modernize payments.
The way people and businesses transact is changing.
What do you think of all this? Do you think the time for mass cryptocurrency adoption is getting closer?