MasterCard is expected to allow transactions with selected cryptocurrencies this year, entering the closed circle of large companies that are beginning to “identify” cryptocurrencies. The announcement came a few days after Tesla announced it was buying $1.5 billion worth of Bitcoin and would soon allow cryptocurrency transactions.
MasterCard has already partnered with some crypto firms, but it required digital currencies to be converted into fiat currencies before processing payments for transactions.
“With this decision we hope to provide new opportunities for consumers and traders, allowing them to process transactions with a completely new form of payment. This change will attract more customers to traders, as many have already turned to these digital currencies. Our philosophy is to provide choices to customers and not to encourage people to purchase cryptocurrencies”.
MasterCard, however, states that it will not support all types of cryptocurrencies, as many have to take regulatory action to join its network. The truth is that many cryptocurrencies have not managed to gain public trust yet, with Bitcoin and Ethereum being the most trusted ones at the moment.