Mastercard To Allow Merchants To Accept Some Cryptocurrencies Later This Year

Mastercard Inc. said on Wednesday February 10th, 20201 that it would allow merchants to accept some cryptocurrencies on its network later this year. This marks another warm embrace of digital coins by a traditional financial institute. The move will see Mastercard customers digital currency payments settled in crypto at participating merchants, although the company has not yet disclosed which digital currencies it intends to support.

Courtesy of Bru-nO from Pixabay

This will enables businesses and store owners to be able to conduct their business beyond the scope of the fiat ecosystem, that is, if their customers have crypto they’re willing to part with. HODL is the mantra of many cryptocurrency users and they often view their cryptocurrency as an investment rather than a payment option.

This is not a new path for Mastercard either, Mastercard first filed a patent for handling bitcoin payments in 2013 but abandoned that effort in 2015. The company also holds 89 patents on blockchain technology that ranges from methods to keep crypto transactions private to instant blockchain payment processing and how to handle crypto refunds.

Courtesy of Jarmoluk from Pixabay

It appears to me that Mastercard may be done dipping their toes in the water, have acclimated to the temperatures and are preparing to dive into the wonderful world of Cryptocurrency and true Digital Currency.

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