Consumer interest and investment in digital currencies are growing, with research showing that up to 20 percent of the population of some countries are holding cryptocurrencies, and an increasing number of merchants, digital players and financial institutions are exploring crypto payments.
Aiding adoption and creating innovative experiences in the crypto space, Mastercard announced this week the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program for emerging brands and fintechs, giving them access to everything they need to grow quickly.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard.
Mastercard’s Accelerate program provides a simple, single entry point to the company’s wide range of specialized programs and gives crypto partners and other fintechs support assistance for every stage of their growth and transformation, from market entry to global expansion. Crypto partners can be onboarded to Mastercard in a matter of weeks and are provided a guided experience through everything the company can offer.
Program participants are connected to relevant parts of the business to integrate Mastercard’s proprietary technology, leverage its insights and cybersecurity services, engage new customers, and reach new markets and segments. In addition, Mastercard’s commitment to financial inclusion drives focused product development, helping co-create solutions that enable a more inclusive economy.
Enhancing with the program for crypto card partners, Mastercard has streamlined its approval processes to reduce the time to market for partner products while maintaining its commitment to its principles for partnerships. Mastercard will only work with crypto partners that follow its core principles. Cryptocurrency partnerships must:
- Provide strong consumer protection, including privacy and security of the consumers’ information and transactions;
- Deliver a level playing field for all stakeholders, including but not limited to financial institutions, merchants and mobile network operators;
- Operate in full compliance with all applicable laws and regulations, including those applicable to anti-money laundering, and consistent with the economic systems of the countries the network operates in.
Mastercard is committed to applying its innovation, experience and scale to emerging cryptocurrency and digital currency partners, building global ecosystems to modernize payments and transform the way people and businesses transact.
Sourced Directly from Business Wire. For the full story click here: https://www.businesswire.com/news/home/20200720005148/en/Mastercard-Accelerates-Crypto-Card-Partner-Program-Making