Visa and Mastercard stand as global leaders in the payment services industry, and have been taking steps to accelerate crypto payment processor support. They did this through opening up new options for its global user base in regard to payment. Both Visa and MasterCard announced their own projects and collaborations for the use of cryptocurrencies back in July, which is driving crypto adoption to new heights.
The Giants Starting To Take Notice
With two of the world’s largest traditional payment processors holding a positive sentiment for crypto payment platforms and crypto exchange, a clear shift can be seen. This shift is in the perception of cryptocurrencies for the traditional financial world, viewing it in a more positive light. Mastercard, in particular, has been openly encouraging payment service providers as well as exchanges to sign up for its crypto card program. Through doing so, it has become partners with a range of firms in just a few weeks, standing part of its Accelerate program.
Visa Recognizing Global Traction
At the same time, Visa has outlined its overarching vision for the crypto space, portraying a positive sentiment towards crypto’s role, as well as its market. In particular, the payment service provider took note of how crypto can serve as a way to expand its existing network-of-networks. This will see the support of the latest technologies to power the global commercial industry.
While many a company can make such a statement, it seems that both of these giants are making good on their claims. An array of platforms and service providers within the crypto space is being powered by Visa and Mastercard’s technology and payment card services. Binance and Coinbase, two of the biggest crypto exchanges out there, leverage either Mastercard or Visa to power their crypto debit card services
With the big players in the traditional finance industry showing an interest in crypto, a sort-of FOMO-event occurred, with other players within traditional finance joining up. It’s a simple matter of trying to keep your position within the global payment arena, as a better service will simply stamp you out if you don’t innovate. In an article, Visa highlighted the fact that interest in crypto is moving beyond fintech firms, with everyone wanting a piece as the crypto industry matures.
Mastercard Pushing For Crypto Integration
Mastercard, on the other hand, has been actively encouraging crypto payment service providers and crypto exchanges to sign up to its Accelerate platform. This comes as a bid to streamline the partnership process when it comes to crypto credit and debit card providers. All the while, Mastercard plans on assisting when it comes to expansion and market entry, as well. It’s not easy getting Mastercard’s approval, however, as a strict set of requirements has been set by the payment provider. Of this, strict compliance with KYC/AML regulations is mandated, as well as high levels of consumer protection.