Mastercard is reportedly planning on giving merchants the option of receiving payments in cryptocurrency later this year through a new functionality that would see its customers’ digital currency payments settled in crypto at participating merchants.

The company has not revealed which cryptocurrencies it plans on supporting, nor where it plans to launch the new functionality. Mastercard has previously been supporting crypto transactions through crypto card partners like Uphold and Wirex, but the funds were converted to fiat before reaching the merchant.

Mastercard will evaluate potential cryptocurrencies to include using its “Principles for Blockchain Partnerships” framework, which was released after the payments giant left Libra. It emphasizes stability, consumer protection, and regulatory compliance.

In a blog post, Mastercard Executive Vice President for Blockchain and Digital Asset Products Raj Dhamodharan hinted stablecoins may be first in line, adding:

“Our philosophy on cryptocurrencies is straightforward: 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.”

The company has been laying the groundwork for a crypto economy over the last few years with patents revolving around the space.

Source: https://www.cryptocompare.com/email-updates/daily/2021/feb/11/