Mastercard expands cryptocurrency payment program for cardholders

International credit card giant Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become its partners as part of its newly expanded cryptocurrency payments program.

Mastercard said on July 20 that it is streamlining access to its expanded program for crypto credit card issuers, allowing applicants to become partners “in a matter of weeks.”

The expansion program now accelerates digital currency payment card applicants, which will enable faster approval and market entry, supporting partners with continued growth and international expansion.

New crypto partners will be assisted in integrating Mastercard’s technology and will be able to benefit from the company’s cybersecurity expertise and market research.

While Mastercard is simplifying access to its programs for cryptocurrency companies, it stressed that all partners must adhere to its “core principles.”

These include providing strong consumer protection (ensuring users’ privacy and security), complying with relevant laws and regulations (such as anti-money laundering rules), and creating a level playing field for all stakeholders (such as financial institutions, merchants, and mobile network operators).

Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard, said:

“The cryptocurrency market continues to mature, and Mastercard is driving it forward to create secure experiences for consumers and businesses in today’s digital economy.”

Wirex becomes Mastercard’s first cryptocurrency partner with principal membership

As Mastercard continues to connect with partners for digital currency payment cards, the company also announced that London-based crypto payment processor Wirex has become the first native cryptocurrency platform to be granted Mastercard principal membership, which will enable it to directly issue cryptocurrency payment cards.

Thanks to membership, Wirex card users can instantly convert their crypto holdings into fiat currency, which can be spent at retail outlets that accept Mastercard. The spent money will enter Mastercard’s network in the form of fiat currency, not crypto.

Wirex CEO and co-founder Pavel Matveev said the membership “represents a growing interest and acceptance of cryptocurrencies by leading institutions and regulators.” He added that the partnership with Mastercard will help the company achieve its goal of “making the benefits of both traditional and cryptocurrencies accessible to everyone.”

Wirex, which is regulated by the UK Financial Conduct Authority (FCA) and has a license to issue crypto payment cards in Europe, attracted more than 3 million active users earlier this year, noting that a growing number of its users are “not hardcore cryptocurrency users in the usual sense.”

Prior to its partnership with Wirex, Mastercard partnered with blockchain payment provider BitPay in June to launch a prepaid card for crypto users in the United States.