Mastercard Outlines 3-Pronged Strategy to Support the Growing Crypto Community

The payments company said at its annual investor’s day conference that it would focus on services, network access and security.

AccessTimeIconNov 10, 2021 at 10:23 p.m. UTC
Updated Nov 11, 2021 at 8:50 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

MasterCard mapped out a three-pronged strategy focused on security and better services to support the growing cryptocurrency community during a presentation on Wednesday.

  • The credit card giant said during the virtual event at its annual investor’s day conference that it would focus on “crypto enablement,” which encompasses purchasing, spending, cashing out and rewards involving cryptocurrency; crypto security, including identity services; and network access, which covers interoperability, stablecoins and central bank digital currencies (CBDC).
  • Mastercard senior executives believe that crypto payment flows, including remittances, traditional finance (TradFi) and decentralized finance (DeFi), represent net new volume for the company, Barclays research analyst Ramsay El-Assal wrote in a note to clients Wednesday after the event.
  • Mastercard has been bolstering its crypto offerings lately, with partnerships in Asia Pacific that will allow consumers and businesses across Asia Pacific to obtain crypto-linked Mastercard credit, debit and prepaid cards.
  • Mastercard said in late October it was working with digital asset platform Bakkt to allow merchants and banks in the U.S. to build cryptocurrency into their offerings.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report

New fintech head Stephane Kasriel said the company's plans to bring NFTs to its users have not changed "in any way."

CoinDesk - Unknown
2
CoinDesk - Unknown
Voyager Seeks Bankruptcy Protection Amid Crypto Credit Crisis

The Toronto-based lender filed for Chapter 11 bankruptcy in New York late Tuesday.

CoinDesk - Unknown
3
CoinDesk - Unknown
Binance Resumes Local Currency Deposits with Brazilian Payment System Pix

Withdrawals should be resumed “shortly,” said the company, which had suspended that feature on June 17.

CoinDesk - Unknown
4
CoinDesk - Unknown
Celsius Repays $183M on DeFi Exchange Maker, Gets Back Collateral, Blockchain Data Shows

The troubled crypto lender paid down $183 million of its debt to the decentralized exchange Maker, blockchain data shows, possibly in a bid to recover bitcoin-linked collateral that otherwise would remain trapped.

CoinDesk - Unknown