MasterCard will allow nearly one billion users to spend cryptocurrencies on more than 30 million retailers, although it has not specified which coins will be supported.

MasterCard unveiled plans to embrace cryptocurrencies in 2021, paving the way for approximately one billion consumers to spend more than 30 million merchants on digital assets.

The firm believes that this may open up new customers to traders and create loyalty to existing customers who are already transitioning to digital assets over conventional fiat options.

“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”

Although the global payment giant has noted that it plans to endorse stablecoins due to their “reliability and security,” Mastercard has refused to name any particular cryptocurrencies that it would incorporate.

However, Mastercard provided four main criteria for evaluating prospective assets: comprehensive customer safety, including consumer privacy and security, strict compliance with KYC, compliance with local laws and regulations, and reliability as a means of payment.

MasterCard also noted that it is “actively engaging with several major central banks around the world” to support the digital currency projects of the central bank or CBDCs.

Last year, the firm launched a “virtual sandbox” tool to show how CBDC can be used to settle customer transactions using MasterCard’s infrastructure.

MasterCard also announced growing demand for digital assets among its customers, noting that many consumers were purchasing crypto assets with their MasterCards in the current bull market.

“Digital assets are becoming a more important part of the world of payments,” MasterCard concluded.

“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 also committed considerable resources to the exploration of distributed ledger technology, with the company currently holding 89 blockchain patents, while another 285 applications are pending.

The payment company has been engaging in crypto payments for some time now, working with Wirex and BitPay to build crypto cards, but no cryptocurrencies have been migrated to the MasterCard network.

MasterCard’s announcement is the latest in a series of institutional cryptocurrency adoptions that have taken place over the last several weeks. This week, Tesla announced the purchase of $1.5 billion of Bitcoin from its cash reserve, adding that it would soon accept Bitcoin payments for its vehicles.

Last week, PayPal doubled to crypto announcing that it would give crypto payments to its 26 million merchants after its restricted crypto trading services “exceeded expectations.”

One week before that, Visa Chairman and CEO Al Kelly reiterated its commitment to crypto payments and onramps during its Q1 earnings call.

Speculation that other tech companies will be next to join the cryptocurrency rabbit-hole has also begun to surface, with financial services provider RBC Capital Markets reporting that Apple should follow Tesla’s footsteps. RBC analyst Mitch Steves wrote to clients that creating a crypto exchange in the Apple Wallet would create a major new growth market.

BMW Laval clients can now pay using Bitcoin

NEW YORK, NY / ACCESSWIRE / February 11, 2021 / Alt 5 Sigma Inc., announced today that the BMW dealership in Laval, Quebec has joined its merchant services (www.Alt5pay.com) to begin accepting Bitcoin payments for the sale and maintenance of new and certified pre-owned vehicles.

According to the company, BMW Laval, has begun accepting payments in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. BMW Laval located on Chomedey Boulevard is under the leadership of Carmine D'Argenio and has always been at the forefront of customer service and satisfaction and the new payment option is just another demonstration of this leadership in the auto industry.

"There is a real and present demand for payment in cryptocurrencies and until now, there was no actual solution to remove the risk associated with crypto wallets, and price volatility. The Alt 5 Pay solution enables us to accept Bitcoin and receive the currency of our choice" said Carmine D'Argenio, President of BMW Laval. "Alt 5 Pay's merchant services invoicing and gateway is very efficient and easy to use." further added Mr. D'Argenio.

Alt 5 Pay is a payment gateway which enables the payment in cryptocurrencies without exposing the merchant to price volatility and security risks. The payment gateway offers merchants the possibility of creating invoices and or integrating the Alt 5 Pay directly to their checkout. The crypto payments are immediately converted to FIAT equivalent in either US dollars, Canadian Dollars and EUROs at the option of the merchant. As an example, an Alt 5 Pay invoice of $5,000 paid in Bitcoin will result in the conversion of the Bitcoins to $5,000 and paid to the merchant directly to their account.

"The cryptocurrency sector is not a fade, and its adoption and impact is seen globally," said Andre Beauchesne, President and CEO of Alt 5 Sigma Inc. "Some automakers may claim to seek to accept Bitcoin in the future, but for BMW Laval, the future is now" further added Mr. Beauchesne.

About BMW Laval

Serving the Laval area, BMW Laval, located at 2450 Chomedey in Laval, QC, is a premier retailer of new and used BMW vehicles. Their dedicated sales staff and top-trained technicians are there to make customers' auto shopping experience fun, easy and financially advantageous. https://www.bmwlaval.com/

Alt 5 Sigma Inc.

ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.

ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.

ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.

www.alt5sigma.com www.alt5pro.com www.alt5pay.com www.al5prime.com www.alt5coins.com www.alt5connect.com

Contact:

Andre Beauchesne, President & CEO Tel. 1-888-778-7091 [email protected]

SOURCE: Alt 5 Sigma Inc.

There are many cryptocurrency enthusiasts and proponents that have wondered when major companies will adopt cryptocurrency as an option when it comes to paying for goods and services. While major platforms such as YouTube have not allowed individuals to tip their content creators in cryptocurrency, that hasn’t been the case with Twitch. However, it appears that Twitch no longer allows individuals to pay for their subscriptions with Bitcoin Core (BTC) and Bitcoin Cash (BCHABC).The subscriptions were made available through BitPay, a popular cryptocurrency payment processor which is known for being an early factor in the cryptocurrency space. A Reddit user pointed out that both BTC and BCHABC were no longer an option when it comes to paying for Twitch subscriptions. Some responded to the news, stating that they would cancel their Twitch subscriptions in protest. Twitch silently removed Bitcoin and Bitcoin Cash as a payment method for subscriptions from btcThis isn’t the first time that a Reddit user has pointed out developments when it comes to cryptocurrency payments and Twitch. Just several days ago, a different user pointed out that Streamlabs, which makes it easier for users to tip content creators with crypto, has removed the option of donating with cryptocurrency, and even answered in an e-mail that it is not currently looking to change that.Twitch is an extremely popular platform that was purchased by Amazon back in 2014, when the average user was spending 100 minutes on the site. It has since grown tremendously, with many high-profile content creators even switching from YouTube (owned by Google) to Twitch over the years, for various reasons. Twitch now boasts a staggering 140 monthly unique viewers, and over 400 billion minutes of content were viewed in 2018 alone.Twitch has not commented on the changes or developments, although a logical conclusion would be that not enough users were paying subscriptions in cryptocurrency for the company to justify continuing the practice. Regardless, a Twitch creator by the name of Sick Nerd was given over 70,000 in BTC in donations just several months ago.Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.Cryptocurrency exchange CoinBene recently announced that it would be taking a break for unannounced maintenance.New Chrome extension developed to show crypto bias on TwitterLuke Childs, an open source software developer, has come up with a novel approach to try to reduce the amount of fake news and jaded comments found on Twitter.CMC stepped forward and acknowledged that there were issues, and added that it would take corrective action.

Download audio version Twitch, the video streaming service owned by Amazon, has stopped accepting cryptocurrencies as a means of payment, a Reddit user reported last Saturday. Twitch users could pay their subscriptions with Bitcoin and Bitcoin Cash, at least until now. This was possible thanks to the payments processing service BitPay. However, according to a Reddit user, the service "has been quietly removing this payment option during the last few weeks in all countries." The service has not share any official statement about this decision, it has simply removed the option. Other network users say that another well-known service, Streamlabs, has also stopped accepting crypto payments. It seems that this option has not been included in the new software version of the service. Some Reddit users have even said that they did not know Twitch allowed crypto payments. Even though it is not clear why Twitch has decided to remove this payment option, some people argue it could be due to the low transaction volume. Twitch was acquired by Amazon in 2014 by $970 million. The possibility of paying with cryptocurrencies in Twitch and Streamlabs was launched in mid 2018. Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

PayPal is unlikely to invest cash in cryptocurrencies like bitcoin, John Rainey, the company’s chief financial officer told CNBC on Thursday.

The payments-processor instead prefers to spend on assets that complement services it currently provides. It also sees massive potential in the digital wallets space, and currently serves 360 million such wallets.

“We’re not going to invest corporate cash, probably, in sort of financial assets like that,” Rainey told host Jim Cramer on CNBC’s “Mad Money” show. “But we want to capitalise on this growth opportunity that’s in front of us.”

PayPal still believes that the transition to digital forms of currencies is unavoidable. In October last year, the company opened its service to cryptocurrency purchases and sales, including bitcoin, ethereum, and litecoin. Furthermore, over 26 million merchants using the platform are now able to accept cryptocurrencies as a funding source.

Two months after the announcement, CEO Dan Schulman called digital wallets a “natural complement to digital currencies.”

Read More: Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalise on the reopening of the economy in the years ahead

But rather than spending cash to invest in cryptocurrencies, Rainey said PayPal is looking at investments that can drive growth. The company said Thursday it plans to expand its crypto buying, selling, and custody services to UK residents later this year.

“The types of services that we’re providing, like buy now, pay later [and] crypto as an example — even offline QR code — those are the types of things that we want to continue to invest in, be it organically or even inorganically when we see opportunities in the ecosystem,” Rainey said.

CEO Schulman, who also appeared on the “Mad Money” episode, said he expects PayPal to be a consolidator in the fintech industry and to generate $US10 billion of free cash flow per year by 2025.

“We want to use that cash. We want to use our balance sheet as a strategic weapon,” Schulman said. “That may be returning cash to shareholders and it may be through acquisition, but every one of those dollars matter to us and we really take our capital allocation quite seriously.”

Read More: Bank of America shares 9 stocks to buy as the pandemic prompts consumers to shift their spending habits towards ‘solitary leisure’ activities like golf and biking

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

The ‘Shocked’ Melbourne Airport Seccies Explained How TF...

KFC Is Making A Horny Colonel Sanders Biopic And Judging By The...

Holy Shit: There’s A ‘Revolt’ In The Queen’s Staff & Her...

Scott Morrison Has Apologised For Straight-Up Lying About Kevin Rudd...

In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of...

Universal Orlando Parks Will Reopen June 5 Despite Risk Of...

Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From...

Jurassic World: Dominion Is Definitely Not The Planned End Of The...

White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker

Is Chris Redfield OK

Everything We Know About The PlayStation 5

Call Of Duty's Battle Royale Adds Random Event That Resurrects...

The Best Snapchat Games To Play Right Now

Disable UPnP On Your Wireless Router Already

How To Use Water Jugs As Weights

This Android Wallpaper Can Brick Your Phone

Last summer, we wrote that the popular application Twitch Streamlabs, which allows game streamers to receive rewards from their subscribers, announced support for accepting payments in cryptocurrency. Less than a year, Amazon’s video streaming service, Twitch, stopped accepting payments in cryptocurrency. Until that time, Twitch could pay for subscriptions using Bitcoin and Bitcoin Cash, thanks to the platform’s cooperation with the BitPay processing service. As users of Reddit noticed, the service “removed this payment option in the past few weeks in all countries”. Still, some Reddit users just now found out that Twitch had the option of crypto payments – this speaks very eloquently about the popularity of cryptocurrency among platform users. window.coinzilla_display = window.coinzilla_display || []; var c_display_preferences = {}; c_display_preferences.zone = "9175c6bd8e942d2c94"; c_display_preferences.width = "160"; c_display_preferences.height = "600"; coinzilla_display.push(c_display_preferences);

By TechRound Team November 10, 2020 Tech 0sharesBitcoin has gained huge popularity these days, and it is used by people from all around the world. This digital currency is also accepted by many merchants due to its several benefits. You can also make use of bitcoins to buy goods and services online. You can also find some physical stores in your local market that accept bitcoin as a form of payment. No doubt, bitcoins are considered a valid method of payment, which means you can also use bitcoins to pay for goods you are buying. Many small businesses are also accepting bitcoins as a payment method to enjoy several benefits. Bitcoin was invented in 2009, and now it is used by people worldwide to transfer money and for many other purposes. Bitcoin is not controlled by the government or financial institutions, which makes it more popular among users. Usually, this Cryptocurrency relies on a technology known as the blockchain. Every bitcoin transaction is recorded in the blockchain, and users can easily access them. Make sure you are familiar with the bitcoin wallets that are used to store bitcoins in a secure manner. Before start using bitcoins for your business, you need to check out its various benefits. Using bitcoin for your business is a good idea as the bitcoin transactions are free of cost. When you use a credit card or other online payment methods, you will have to pay a part of your revenue in the form of transaction fees. Instead of using a credit card or online banking, you should pay or receive money via bitcoins. Usually, bitcoin transactions cost between 1 percent and zero. It is also one of the reasons why most business owners are opting for bitcoins instead of other payment options. Bitcoin transactions are not checked by any bank or financial institution. If you are engaged in the business of import and export of goods, you can consider bitcoins to get plentiful benefits. With the help of using bitcoin as a payment option, you can easily deal with foreign transaction fees and exchange rates. As you know, bitcoin is a global currency, which means it is not tied to a single government. Bitcoin allows you to make international payments quickly and without hassles. When you pay via bitcoins, you don’t need to get worried about the border restrictions. You can pay money to anybody living in foreign countries without getting worried about currency conversion costs. If you are operating a business, you should use bitcoins to pay or receive money from your customers. Bitcoin transactions are safe as well as secure. Nobody can reverse the bitcoin transactions, and it helps to reduce the payment disputes. Bitcoins work like cash more than online payment methods, and that’s why you should also consider this payment option. Accepting bitcoin payments allow you to keep your money secure as your customers can’t get it back without your permission. Due to this, most businesses are considering bitcoin instead of credit cards. Waiting for your money to arrive in your bank is a disappointing thing. Most people want to get rid of this problem, so they should consider bitcoin. Bitcoin transactions are not checked by centralized institutions, and that’s why you can receive your payments instantly. When you get paid in bitcoins, you don’t need to wait to receive your money. Bitcoin transactions are fast, and that’s why most people are using bitcoins as a payment method for their businesses. You should also use bitcoins to receive and pay money for your business to enjoy several perks. Bitcoin is volatile, which means its value fluctuates very often. This Cryptocurrency is less stable than other payment methods like cash and gold. You can also consider bitcoin an investment and get a chance to earn a good amount of money. With the help of bitcoinsystem.app, you can easily earn a good amount of money on a regular basis. When you accept payments via bitcoins, you can also hold them in your wallet for as long as you want. You should sell bitcoins at higher rates to earn money in no time.

The live video streaming giant, Twitch.tv has decided to do away with Bitcoin payment methods and withdraw support for cryptocurrencies. The decision to remove bitcoin transactions through BitPay was taken a few weeks ago which was reported by a Reddit user. Twitch users believe that the move was the company’s response to the lack of demand for Crypto payments. Users on Reddit have criticized the company for introducing such a major change without informing its customers in advance. Some have canceled all of their Twitch subscriptions and sent official complaints to the company.The Amazon-owned platform had announced the integration with cryptocurrency payments back in January 2018, adding Bitcoin to the long list of available payment options, which included Apple Pay, PayPal, Amazon Pay, and even Coinbase. This was introduced to increase the user base of cryptocurrency. However, very few Twitch users and streamers were actually aware of crypto payments on such a platform. One of the reasons for this feature’s failure could be a lack of information about crypto transactions. Yet it’s unlikely that a popular platform like Twitch will suffer any noticeable major damage.Arguments against bitcoin state that, bitcoin’s high transaction costs and slow network speed make it one of the least desirable day-to-day payment method, unlike other smaller digital coins such as Dash or Ripple’s XRP. However, Twitch is not the first company to add and then remove crypto payments. Last January, Microsoft also suspended Bitcoin payments on its online store, citing ‘instability’ as the reason behind the move.Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @BlockmanityDid you like the news you just read? Please leave a feedback to help us serve you betterRipple price corrected lower after trading as high as $0.3168…Sunday, March 31 — the top 20 cryptocurrencies are reporting…  Coinbase, one of the leading cryptocurrency exchanges in the…  Few hours after announcing the launch of its Mainnet,…

Amazon-owned live streaming video platform Twitch.tv has reportedly removed its cryptocurrency payment option for subscriptions.A Reddit user posted the news on Saturday, saying that, while Twitch had allowed users to pay in bitcoin (BTC) and bitcoin cash (BCH) through blockchain payments processor Bitpay, the option has been removed in the last couple of weeks “for all countries.”A tweet from Twitch dating from last January does indicate that bitcoin at least was one of the accepted payment options, among other methods including Amazon Pay and Apple Pay:Its terms and conditions currently state that the firm accepts “major credit cards, certain debit cards, PayPal, various payment methods through Xsolla and/or such other payment methods we may make available to you from time-to-time through our site, as forms of payment.”Another Redditor said they had sometimes used BCH as a payment option for subscriptions, but with Twitch removing the option, they have canceled all subscriptions and notified the firm.While cryptocurrencies have been widely touted as having a strong potential role in online payments, issues such as price volatility have sometimes frustrated the best intentions of merchants attempting to offer the option.Microsoft, for example, suspended bitcoin payments on its store last January, citing “instability.” They were later reinstated, however.Online gaming platform Steam also dropped its bitcoin payments feature in late 2017, citing chronic problems with the cryptocurrency’s high transaction fees and volatile price. It’s worth noting that the average fee for a bitcoin transaction has dropped significantly since the highs seen in 2017-2018.CoinDesk has reached out to Twitch and will update this article accordingly if a reply is received.The leader in blockchain news, 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.

BitPay said on Friday its bitcoin cards could be added to their Apple Wallet, giving cryptocurrency holders a new way to spend via Apple Pay.

“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” said Stephen Pair, chief executive of BitPay, in a statement.

He added: “Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”

BitPay said on Friday that its Prepaid Mastercard holders in the US will be able to add their cards loaded with cryptocurrencies onto Apple Wallet, allowing them to use the currencies for Apple Pay.

Read more: A crypto CEO breaks down why Tesla adding bitcoin to its balance sheet will create a ‘domino effect’ that lifts the cryptocurrency to $US100,000 by the end of 2021 — and says Dogecoin is destined for a GameStop-style plunge

At least one bitcoin backer predicted its price would climb to $US100,00o this year.

On Monday, an RBC Capital Markets analyst raised his firm’s price target for Apple shares, saying Apple may benefit from cryptocurrency.

RBC analyst Mitch Steves said Apple could add billions in new business by allowing crypto trading and purchases.

“If the firm decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry,” RBC said.

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

The ‘Shocked’ Melbourne Airport Seccies Explained How TF...

KFC Is Making A Horny Colonel Sanders Biopic And Judging By The...

Holy Shit: There’s A ‘Revolt’ In The Queen’s Staff & Her...

Scott Morrison Has Apologised For Straight-Up Lying About Kevin Rudd...

In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of...

Universal Orlando Parks Will Reopen June 5 Despite Risk Of...

Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From...

Jurassic World: Dominion Is Definitely Not The Planned End Of The...

White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker

Is Chris Redfield OK

Everything We Know About The PlayStation 5

Call Of Duty's Battle Royale Adds Random Event That Resurrects...

The Best Snapchat Games To Play Right Now

Disable UPnP On Your Wireless Router Already

How To Use Water Jugs As Weights

This Android Wallpaper Can Brick Your Phone

It seems everyone in payments is warming up to cryptocurrencies as Bitcoin nears a would-be record value of $US50,000.

Bitcoin’s value surged 16% last Monday after Tesla disclosed a $US1.5 billion investment in the currency. And PayPal, which added Bitcoin, Ethereum, and Litecoin to its app last October, is seeing a big boost in engagement from crypto holders.

Now, self-proclaimed crypto sceptic Max Levchin, founder and CEO of buy now, pay later fintech Affirm, might have to consider adding Bitcoin as a payment option as it grows in popularity.

“It is incredible how Bitcoin and all the cryptocurrencies have grown,” Levchin said in an earnings-day interview with CNBC. “I think at some point, sceptic or not, you have to listen to the market.”

Read more: INTERVIEW: Max Levchin couldn’t get a car loan, so he founded Affirm. The buy now, pay later fintech raised $US1.2 billion in its public markets debut.

“If it becomes a meaningful exchange that folks want to actually use to buy their Pelotons and their sporting goods, we will have to consider it,” Levchin said.

On Friday, Affirm reported its first public quarterly earnings since its IPO in January. It reported revenue growth of 57% and total sales volume increase of 55%, year-over-year. Though the fintech is still unprofitable, reporting a net loss of $US31.6 million in its second fiscal quarter ending December 31st.

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

The ‘Shocked’ Melbourne Airport Seccies Explained How TF...

KFC Is Making A Horny Colonel Sanders Biopic And Judging By The...

Holy Shit: There’s A ‘Revolt’ In The Queen’s Staff & Her...

Scott Morrison Has Apologised For Straight-Up Lying About Kevin Rudd...

In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of...

Universal Orlando Parks Will Reopen June 5 Despite Risk Of...

Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From...

Jurassic World: Dominion Is Definitely Not The Planned End Of The...

White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker

Is Chris Redfield OK

Everything We Know About The PlayStation 5

Call Of Duty's Battle Royale Adds Random Event That Resurrects...

The Best Snapchat Games To Play Right Now

Disable UPnP On Your Wireless Router Already

How To Use Water Jugs As Weights

This Android Wallpaper Can Brick Your Phone

Credit card giant Mastercard said that it would soon start supporting crypto payments on its network later in the year.

According to a blog post by Master card on Wednesday (Feb. 10, 2021), the company revealed that would support a select number of cryptocurrencies in 2021, adding that crypto was quickly becoming an important part of the payments sector.

An excerpt from the announcement reads:

“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 protections and compliance.”

Before now, Mastercard’s only partnered with some cryptocurrency companies like Wirex and BitPay to issue crypto cards, which enabled the user to pay with cryptocurrencies. The “coins” were thereafter converted to fiat before it got to the merchant.

The latest announcement, however, signals a shift in focus for the company, which would see merchants accepting cryptocurrency directly, thereby removing the hassle of back and forth conversion for merchants and consumers.

“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.”

Meanwhile, Mastercard does not mention the cryptos it would support, stating that it would consider some key factors before integrating any crypto-asset into its network. They include the know your customer (KYC) requirement, consumer protection, and crypto-assets that customers are willing to spend, not invest. However, bitcoin might not fit into the payment narrative, as most people see the flagship crypto as more of an investment vehicle.

While it seemed to sift the crypto assets that could be integrated into its network, the company hinted that it was looking at integrating stablecoins. Furthermore, Mastercard said it was working with central banks who are developing their central bank digital currencies (CBDC).

Prior to Mastercard’s announcement, another credit card behemoth Visa, said that it could add crypto to its merchants’ network. Electric vehicle manufacturer Tesla, also said it could accept bitcoin as payment for its products.

Featured image courtesy of Capital

Crypto.com announced via a Tweet and blog post that it has integrated Crypto.com Pay with their DeFi Swap, which will allow a number of DeFi tokens to be used on the Crypto.com Pay platform.

Crypto.com Pay is one of the easiest ways for merchants to enter the crypto payments ecosystem, and Crypto.com just made it easier to make payments in a wider range of tokens.

With a global footprint, Crypto.com Pay is a leading payments provider for crypto holders, and also merchants that want to tap into the crypto markets.

Some of the tokens that will be available for payments are CRO, ETH, WBTC, LINK, and UNI. In addition, if a client uses CRO to make payments, they will receive a 10% discount.

Crypto.com expects this tie-up to enhance Swap-Fee Sharing for DeFi Swap Liquidity Providers for every Pay transaction. With the growth of the Crypto.com ecosystem, more clients and merchants can use cryptos for everyday purchases.

The days when tokens were difficult to use a means of payment are long gone – and Crypto.com has been an influential part of the solution.

Crypto.com Pay clients can now use ETH, LINK, UNI, WBTC, UMA, SWRV, REN, NEST, HBTC, renBTC, CRV, YFI, TRU, FARM, COMP, and AAVE, to pay for anything they like with Crypto.com pay in addition to CRO.

With DeFi gaining traction as not only an investment, but a way to access liquidity, this move may further legitimize DeFi tokens as an asset class that can create returns, and be used for payments in the real world.

One of the things that has made Crypto.com Pay so successful is how easy it is to use. Clients can simply scan a QR code, and then choose the token they wish to make the payment with.

Cryptos don’t have to be difficult to use, and Crypto.com has a range of tools that people can use to pay with cryptos.

In addition to Crypto.com Pay, the company offers the MCO Visa Debit card, which allows its users to spend cryptos as cash – anywhere that accepts Visa Debit cards.

Of course, Crypto.com Pay wouldn’t be such an easy to use platform if people had to be in the Crypto.com ecosystem to use it.

Anyone who wants to pay with a Crypto.com Pay merchant, and doesn’t have an account, simply has to connect an external wallet, such as WalletConnect or MetaMask, and swap ERC20 tokens for CRO, which will allow them to finish the payment process.

Crypto.com Pay is widely used by platforms like OpenCart, NopCommerce, WooCommerce, Ecwid, Oveit, and Prestashop – and is also open to merchants in the UK and EU.

In reality, for qualifying merchants, accepting crypto payments with the platform is very easy, and Crypto.com creates synergies that bring together both crypto holders, and the existing financial system that is forced to deal with legacy assets like fiat currency.

With a range of options for crypto trading and payments, Crypto.com is well placed to grow with the token markets. Its token, CRO, has been a consistent performer, and also offers its holders the ability to receive discounts across the entire Crypto.com ecosystem.

With more payment options for crypto users, it is likely that Crypto.com Pay will continue to attract top-tier merchants, as well as e-commerce platforms that need a reliable partner who can deal with the multitude of valuable tokens that are gaining wide acceptance.

If you want to learn more about Crypto.com Pay, or the new addition of numerous tokens to the Crypto.com Pay platform, just click right here for more information!

Payments company Mastercard is set to start supporting a bunch of select cryptocurrencies such as Bitcoin, directly on its network later this year as these digital assets are becoming a more important part of the payments world.

Mastercard will not support all of today’s cryptocurrencies on their network as they would like support assets based on its principles for digital currencies, which focus on consumer protections and compliance. Master card said many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they do not meet Mastercards requirements.

In a blog post, Mastercard’s digital asset and blockchain VP Raj Dhamodharan wrote, “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.”

The Mastercard network currently allows people using cards to buy crypto assets, especially during Bitcoin’s recent surge in value. The users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending.

Mastercard’s new move will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.

This change may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option. Customers will be able to save, store and send money in new ways.

Mastercard is already working to provide this consumer choice for cryptocurrencies after it recently teamed up with Wirex and BitPay to create crypto cards that allow people to transact using their cryptocurrencies.

In January, bitcoin Exchange LVL also launched a LVL Debit Card in partnership with Mastercard to enable users to spend crypto and fiat around the world. It aims to bring traditional banking services and crypto closer together for the average consumer.

In all these processes, cryptocurrencies still did not move through Mastercard’s network. Its crypto partners convert the digital assets on their end to traditional currencies and then transmit them through to the Mastercard network.

Mastercard’s current plan to supporting digital assets directly on their network will allow many more merchants to accept crypto, an ability that is currently limited by proprietary methods unique to each digital asset.

This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.

For comments and feedback contact: [email protected]