Cryptocurrency is a new field for many people, and some do not have virtual wallets. However, virtual coins are a big deal for those who enjoy investing and staying in touch with the financial market. According to CNBC, to satisfy everyone’s needs, the U.S multi-financial company, Mastercard, could soon integrate crypto coins into its payment network.
Mastercard collaborates with millions of companies worldwide
Another article confirms that Mastercard has joined powers with Bakkt to enable the use of cryptocurrencies for its merchant partners. Most likely strong cryptocurrencies such as Bitcoin will be used, and people could buy with them or earn points on their credit and debit cards. Mastercard is not the only company that manifested an interest in trading with cryptocurrency.
Mastercard has 2.8 million users
Bitcoin is currently the largest decentralized cryptocurrency, and it only exists in digital form. The sender and the receiver can make direct transactions with cryptocurrency using blockchain technology. If Mastercard starts using cryptocurrency such as bitcoin, banks that collaborate with the financial company will issue credit and debit cards that allow 2.8 million Mastercard users to pay with cryptocurrency. Currently, Mastercard’s shares reached $360.86, while Bakkt shares reached $30.60.
Why has Mastercard decided to make this big step?
In February, the company declared that many of its users are buying cryptocurrency and then converting it into traditional currency for spending purposes. Young users are interested in earning cryptocurrency as a reward rather than the traditional flying points or discount points. Therefore, implementing new payment and reward methods will help retain most customers and gain new ones.
The result would be that people could pay with cryptocurrency, and the conversion into traditional currency will be done instantaneously at the merchant’s place of business. People would no longer have to resort to a third party to convert their digital currency into traditional ones and then pay for a product.