During a recent conference, the CEO of the American financial corporation Mastercard Michael Miebach said that the company must go to the next level. Which is the cryptocurrency market because it is a very important factor for the future of Mastercard.
As the adoption of cryptocurrency in everyday life becomes widespread, platforms that provide common forms of financial services are also trying to restructure in the rapidly changing financial ecosystem. To maintain their value in the industry, payment platforms such as Visa and Mastercard intend to leverage their established international client base to attract public and private individuals to test their CBDC or stablecoin projects. Also during a recent conference, Michael Miebach said the company is trying to enter the central bank’s virtual test platform and cryptocurrency market.
According to Miebach, the cryptocurrency industry is a relatively new and little-studied market that still raises many questions from people, they are interested in what it is and how it works. Mastercard hopes to be the one that will help them understand how it works, what use cases and the impact of cryptocurrencies:
“We see what we do as going to bring a service provider to market with multiple payment options. We must work in this area, as people are looking for answers to their questions. “
Miebach emphasized that the corporation has vast experience in the professional financial sector. And I am ready to share my best practices, provide all possible services that a central bank needs, especially when interest in CBDC is growing rapidly. World countries should coordinate their presentation of financial products related to CBDC and solutions based on it, be it inclusive financing or cross-border payments. On the topic of stablecoins, Miebach added that MasterCard will provide support for every transaction as long as the issuer complies with regulatory requirements and meets user safety standards.
About a month ago, MasterCard Corporation released a statement of partnership with Circle, the issuer of USDC stablecoins, to test USD settlements on the platform. Since some institutions and individual investors are interested in cryptocurrency, payment service providers such as MasterCard have decided to provide them with additional support so as not to lose customers due to the high competition in the market. The company said it will begin providing various services in dealing with cryptocurrencies, as they have become an important part of the payment field. Going forward, the company will allow users to use cryptocurrency with all supported MasterCard providers.
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