Only days after the PayPal confirmation, UK-based financial operator Mastercard runs past its competitor. The company is about to become the first cryptocurrency platform that issues direct payment cards to users.
Mastercard is now on its way to a broader initiative in the crypto industry. It recognizes the on-going maturity of the asset class, thereby offering its expertise to provide a safe and secure platform.
This will help users, both existing and new, to have a broader choice in their mode of payment. Similarly, this will also help companies in the crypto ecosystem to issue payment cards more easily.
Wirex and Mastercard announced their partnership on Monday. The financial services giant accepted the London-based startup’s bid to join its team, under the Mastercard Accelerate program. This will help Fintechs, under Mastercard’s guidance, weather all the stages of growth and transformation.
The UK-based cryptocurrency exchange operator offers an existing Visa-branded payment debit card among its users. This allows account holders the flexibility to use both fiat currencies and cryptocoins through the wallet.
The Visa card currently functions as a multicurrency product that doesn’t require fees when users are outside their country.
Cryptocurrency’s Growing Influence
The collaboration signifies leading businesses’ and regulators’ growing interest in the crypto market. An increasing number of financial institutions are getting into crypto payments, thereby building the platform’s legitimacy.
Among the significant benefits, Wirex’s issuance of direct payments to consumers will make things easier for clients. Users can now buy, hold, and exchange multiple cryptocurrencies.
Consumers can also convert their money into crypto coins with a tap or two. Wirex transactions and conversions are allowed wherever Mastercard is also available.
Similarly, Wirex’s Mastercard products will also have this bitcoin reward feature of up to 1.5% per purchase.
Consumer interest and investment in digital assets are growing daily. Mastercard researchers showed that up to 20 percent of each country’s populations hold cryptocurrencies.
Wirex is the first cryptocurrency-native to be granted principal membership from Mastercard. Thus,the London-based firm is closer to its vision of making all currencies, regardless if fiat or crypto, have equal value.