Mastercard to allow customers transact with crypto

By Olusegun Obisanya

Amidst Central Bank of Nigeria’s explanation why it banned Deposit Money Banks and other financial institutions from dealing with Cryptocurrencies, Mastercard Incorporated will begin to allow its clients to transact in certain cryptos on its platform, becoming the latest company to embrace cryptocurrencies.

Mastercard is also actively engaging with global central banks on their plans to launch new cryptos, according to a recent Mastercard blog post.

The payment juggernaut will specifically ensure consumer protection and compliance, and that its own plans are kept on high standards, the Executive Vice President of Digital Asset and Blockchain Products and Partnerships, Raj Dhamodharan said in the post.

Dhamodharan stated in the report, “To be clear, this data is not of any individuals — it’s anonymized and in aggregate — but the trend is unmistakable. We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protection and compliance.

“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value. We want to help these concepts flourish and reach their potential, while also developing and encouraging the necessary guardrails.

“We are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want. It should be your choice, it’s your money.”

Mastercard has already partnered with some of the leading crypto firms, including Wirex and BitPay – the company has historically required crypto to be converted into fiat currencies before processing payments for transactions on its platform.

The payment giant’s share price traded at $334.21 after the end of trading at the New York Stock Exchange on Wednesday.