This past Wednesday Mastercard made a major announcement that it has plans to support some forms of cryptocurrency in the near future. It’s no doubt that despite the skepticism surrounding it, Bitcoin is becoming more and more popular and appears that it will eventually be widely accepted as a legitimate payment method. This is only further supported by the idea that billionaire entrepreneur Elon Musk has recently bought roughly €1.2 billion in Bitcoin and plans to make it a viable payment method for Tesla products. As of right now the most popular ways to purchase crypto are using exchanges such as Coinbase or Blockchain, and payment methods such as PayPal or even linking straight to your bank account.
The reason this is such a big deal is that despite having the ability to link your bank account or credit cards to purchase cryptos, it is typically looked down upon by banks because of the volatility in the crypto market. And disclaimer, before deciding on how you would like to purchase crypto if interested, be sure to do thorough research on what payment method may be best suitable for you. Executive vice president of digital asset productions and assets and Blockchain Raj Dhamodharan has stated that the trend towards increasingly more people using credit cards to purchase crypto is unmistakable and that Mastercard will start supporting select cryptocurrencies on their network.
Dhamodharan has gone on record stating that this is not to encourage people who have very little knowledge of crypto to suddenly jump in or that it’s a particularly wise investment, but they would like to provide their customers the option to make the choices they please to with their own money. Although a large undertaking, Dhamodharan states that the goal is to build loyalty between existing customers and merchants who wish to exchange services using cryptos and allow new merchants to accept a wider array of payments from consumers.
Although they have made it clear that not all cryptocurrencies will be applicable to this change, as they are making careful decisions about which ones to allow, this is certainly a step in the right direction towards the future. Some aspects Mastercard specifically looks for from potential applicants is security, privacy, stability, and the ability to make payments. This news coupled with Elon Musk’s recent decision to purchase Bitcoin and plans to accept it for payments in the near future is telling that corporations are beginning to listen to what consumers want and are willing to make the push towards a new age of digital transactions.