Raj Dhamodharan, Head of Cryptocurrency and Blockchain at Mastercard, spoke about the key areas the company is working on to bring cryptocurrencies to the mainstream as payment. Raj Dhamodharan clarified that, first of all, the company distributes cryptocurrency cards.
Mastercard has already launched several new programs around the world this year. Last year, Mastercard partnered with cryptocurrency exchange Gemini to issue a credit card with a cashback payout in cryptocurrencies, and in August, the payment system partnered with the Binance marketplace to launch crypto debit cards in Argentina.
The second area that Mastercard is working on is services for cryptocurrencies. Dhamodharan noted that Mastercard positions itself as a provider of cybersecurity services and also provides advisory and banking services to tens of thousands of financial institutions. The company intends to provide similar services to the players of the cryptocurrency market.
Therefore, Mastercard has expanded its advisory activities to include the purchase of cryptocurrencies. This month, the company has already introduced a new product called Crypto Secure for monitoring digital assets and protecting against cryptocurrency scammers. The third direction is cryptocurrency payments.
Dhamodharan noted that the company has partnered with several leading crypto-focused firms: Paxos, Circle, Evolve, and Uphold. Together, the companies are trying to create ways to quickly convert crypto assets into fiat money for making payments. Another area that Mastercard is developing is metaverses and non-fungible tokens (NFTs).
In January, the company announced a new initiative that allows Coinbase exchange customers to buy NFTs with their Mastercard. “In the near future, owning and spending digital assets will be as easy as paying with a contactless card in a store.
Cryptocurrencies and digital currencies of central banks can transform the financial system, and NFTs, blockchain-based games and metaverses can change the pattern of consumer buying behavior,” said Dhamodharan.
A few months ago, Mastercard CFO Sachin Mehra said that stablecoins have a better chance of becoming a means of payment compared to conventional cryptocurrencies.