Mastercard, one of the largest companies in the financial sector, announced support for cryptocurrency. The payment market giant intends to introduce them at the end of 2021. This process will take some time, as Mastercard will only use selected cryptocurrencies – those that meet the company’s criteria for security, reliability, and legal compliance. This decision was made because many customers use cryptocurrency as one of their additional payment methods.
Cryptocurrency payments will be subject to the same security procedures as credit cards. Until now, some Mastercard cards allowed cryptocurrency transactions, but they did not go through the Mastercard network itself. The financial sector giant has decided to change that, as well as create its own security infrastructure.
Mastercard is following in the footsteps of PayPal, which introduced support for cryptocurrency in the U.S. in November 2020. Users of this service can buy, sell and store virtual currencies. Tesla, which purchased $1.5 billion worth of bitcoins, has also announced that it will soon begin accepting them as a payment method.