International payment system MasterCard announced that it will add cryptocurrency transactions to its network this year.
According to the announcement, despite the ongoing controversy over digital assets, they are becoming an increasingly significant element of the payments world. Therefore, by the end of the year, the company intends to add functionality that will allow users to make direct transactions with cryptocurrency..
Currently, cardholders can pay with digital assets, but merchants receive these payments as the equivalent of fiat after conversion at the current exchange rate..
MasterCard also said it plans to support only a subset of existing cryptoassets, as many are still not compliant. Although the company does not name valid options, it says that there are stablecoins among them..
MasterCard announces support for crypto on its network
The new functionality will allow businesses not only to accept cryptocurrency payments, but will also stimulate the promotion of this payment method. However, in some cases, to popularize this form of payment will require the integration of solutions for scaling the second tier. Since currently, due to congestion of the mempool the average commission on the bitcoin network hovers around $ 14.
text: Ivan Malichenko, photo: Shutterstock