Mastercard will help cryptocurrencies become a part of users' daily lives

Raj Dhamodharan, Director of Crypto at the international payment giant Mastercard, emphasized that cryptocurrencies have a huge potential to transform the world’s financial infrastructure, and Mastercard is actively working to introduce digital assets as an everyday payment method.

According to Dhamodharan, the first area Mastercard is working on is expanding the use of cryptocurrency cards. This year, Mastercard has already launched several crypto programs around the world. Thus, in late August, the world’s largest cryptocurrency exchange Binance-spivpraczyuye-z-mastercard-dlya-zapusku-platezhiv-u-kryptovalyuti/">Binance started cooperation with Mastercard. The cryptocurrency payment card is available to users in 90 million stores where the Mastercard payment system operates.

The second area Mastercard is working on is cryptocurrency services. Dhamodharan noted that Mastercard positions itself as a provider of cybersecurity services. Representatives of the payment system provide consulting and banking services to tens of thousands of financial institutions. In early October, Mastercard announced the launch of Crypto Secure, an artificial intelligence tool. The service allows identifying and stopping suspicious transactions with crypto exchanges where customers have added their payment cards to their profiles.

The third area is cryptocurrency payments. The director of Mastercard’s crypto department emphasized that the company cooperates with several leading cryptocurrency companies: Paxos, Circle, Evolve, and Uphold. Together, they are trying to create ways to quickly convert crypto assets into fiat money for payments.

«In the near future, owning and spending digital assets will be as easy as paying with a contactless card in a store. Cryptocurrencies and central bank digital currencies can fundamentally change the financial system,» Raj Dhamodharan summarized.