The second-largest payment network in the world is about to allow merchants to receive payments in cryptocurrency later this year, Coindesk has learned, citing a source familiar with the matter. While it remains unknown which cryptocurrencies Mastercard will support, the new option will initially be allowed only for selected merchants.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
In September last year, Mastercard presented a virtual testing platform for financial regulators to examine central bank digital currency's (CBDC) use cases. The platform allows simulating the issuance, distribution and exchange of CBDCs between commercial banks, financial service providers and retail markets.
Mastercard's plans for crypto adoption come after Visa also declared its intention to simplify cryptocurrency payments. Visa Chief Executive Alfred Kelly said that the company will collaborate with crypto wallets and exchanges to enable users to purchase digital currencies using their Visa credentials or to cash out onto our Visa credential to make fiat purchases.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.