Mastercard Wants To Make Buying & Selling Crypto Easier For Users

Mastercard is looking to make it easier for its partners to convert cryptocurrency to traditional fiat currency, enabling them to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

Research published by Mastercard in May found that 93% of people across 18 global markets said they would consider using at least one emerging payment method – such as cryptocurrency, biometrics, contactless or QR code – in the next year. Overall, 40% of the people surveyed said they plan to use cryptocurrency in the next year, the report added.

But when consumers spend cryptocurrency, it must enter and settle on Mastercard’s network as traditional fiat currency, such as the US dollar, the company explained in a news release.

“Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier,” Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products & partnerships, said in a statement. “…Mastercard expects to deliver on our promise of consumer choice to provide options to people around the world on how and when to pay.”

The global payments company is in discussions with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, as well as Uphold and BitPay to provide real-time crypto wallet technology, Mastercard announced Tuesday. It is also working with i2c Inc., Apto Payments and Galileo Financial Technologies to support processing and program management.

In addition, Paxos Trust Company, a blockchain infrastructure and regulated stablecoin issuance platform, and Circle, the principal operator of the USD Coin (USDC), will use their platforms to facilitate the conversion of crypto to fiat through fiat-backed stablecoins.

Despite the rise of digital currency adoption over the past year, most people are hesitant to spend it due to its volatile nature .