The question “What crypto will MasterCard accept?” has been on everyone’s mind, as cryptocurrency continues to grow in popularity as a disruptive technology and financial tool. But what are the applications of cryptocurrency beyond speculation? According to Rama Sridhar, Mastercard’s executive vice president of new payment flows and digital and emerging partnerships for the Asia Pacific region, the use of cryptocurrency has moved beyond speculative purposes. In an interview with Fortune, Sridhar explained that the company is seeing many applications of cryptocurrencies, including those in the payment industry.
The announcement that Mastercard will accept stablecoins is a huge step forward for cryptocurrency. The company is in talks with crypto startups like Circle, BitPay, and Uphold, along with traditional card businesses. Circle’s USDC has increased in market cap sixfold this year from $4.4 billion to $25 billion. Paxos, on the other hand, has nearly tripled in market cap from $1.4 billion in May to more than $5 billion today.
In April, Mastercard announced that it would begin accepting certain stablecoins. While this is a big step forward, regulatory scrutiny of the industry continues to loom. The U.S. President’s Working Group on Financial Markets recently promised to publish recommendations on regulations for stablecoins within the next few months. In addition to examining potential risks and use cases, the Working Group also discussed a proposed law that would exempt crypto-related companies from certain requirements.
If you’ve been thinking about using crypto as a payment method, then you’ve probably heard the news that Mastercard is now integrating support for Bitcoin, Ethereum, and Litecoin into their network. While these new capabilities aren’t yet available for merchants, the move is certainly significant for crypto. In September, Mastercard released its first “non-fungible token,” which was an animated ball signed by Jose Mourinho. It’s unclear whether the support for these new cryptocurrencies will affect the payment network of over 20,000 financial institutions, however.
Mastercard plans to add support for the virtual currencies natively to its network, a move that will legitimize the cryptocurrency and give it a much wider market. However, the company will only add support for cryptocurrencies that meet specific criteria, including privacy and stability, which are all key factors in determining whether or not a digital currency is secure and not vulnerable to hacking. There are a number of cryptocurrencies that currently do not meet these criteria, and Mastercard is still figuring out which ones will make the cut.
While many cryptocurrencies have been slow to gain the trust of the mainstream public and investors, Mastercard has been working on ways to expand their support. Although they have not made any promises, many cryptocurrencies have been criticized for potential money laundering and lack of regulatory compliance. The new partnership will allow Mastercard customers to convert their crypto funds into fiat currency, and use their cards in any country. The newest partnership is with BitPay, which lets Mastercard users make payments using digital assets like bitcoin.
BitPay, a crypto payment service, also supports Litecoin. All you need to do is log in to your BitPay account and choose Litecoin as your cryptocurrency. BitPay will then provide you with a list of merchants who accept Litecoin. If you do not have BitPay, you can also pay with Bitcoin or any other fiat currency on its website.
Ripple is a cryptocurrency that serves as a trusted agent between two parties in a transaction. When the transaction is completed, XRP is sent as a confirmation, and a small fee of 0.00001 XRP is deducted from the total amount. Compared to large banks, this fee is negligible. If you’re considering using Ripple as a payment system, here are a few things you should know before you start buying.
For example, if XRP is accepted as a form of payment, Mastercard is an ideal partner for a new payment platform. Mastercard already runs the dominant global payments network, with relationships with over 20,000 financial institutions and 2.8 billion cards in use. Moreover, the XRP Card is unique in its connection with a specific community. By using the Ripple XRP Card, you’ll have the ability to interact with other members of your community and take collective action.