The payment systems specialist announced on Wednesday that it would allow payment in virtual currency in its network later this year.
With the outbreaks, cryptomoney is increasingly establishing itself as a recognized alternative payment system. After Paypal, it’s the turn of the payment giant Mastercard to announce that it will take into account virtual currency as a means of transactions in its network. And this, starting this year.
Sellers will be able to tick the option to receive payment directly in cryptocurrency, according to Mastercard. The group believes that, given the growing interest of investors and individuals in these assets, « the trend is unmistakable ».
Beware, at this stage the most volatile currencies, such as Bitcoin and Ethereum, are not accepted: Mastercard having mentioned the support of only « stablecoins », such as Tether. The price of Bitcoin recently soared again, to $45,000 after Elon Musk announced a $1.5 billion investment.
« This is a big change that will require a lot of work. We will be very careful about which assets we accept according to our principles about digital currencies, » says Raj Dhamodharan, director of the digital assets department at Mastercard.
Faster and cheaper payment
The payment services company already offers crypto cards, in partnership with vendors who convert cryptography into real currency upstream of the transaction. The novelty would therefore be to allow direct payment in the Mastercard network, which would be faster and cheaper.
However, the selection will be tough: Mastercard will only accept cryptos that meet sufficient criteria of protection, security and compliance with local laws and regulations. This also means that many « altcoins » could be excluded.