Two days ago, Michael Miebach, the Chief Executive Officer of Mastercard revealed in a LinkedIn post the intentions of the card company to partner with Binance, one of the leading Cryptocurrency exchanges in the world to enable purchases via Bitcoin in over 90 million stores.
The company has over the years made remarkable strides in offering payment solutions for countless platforms and firms in the cryptocurrency sector, enabling users to make via the platform using fiat currency. The partnership with Binance is a feather in the cap of the card issuance company. In the post by the CEO, he highlighted the possibility of harnessing the entire potential of the Blockchain through accessibility to many individuals. And it intends to facilitate this move by bringing crypto into everyday transactions.
The implication of this move is that users and crypto holders are at the liberty of making purchases at over 90 million stores. We know “the more, the merrier” So with the inclusion of a huge number of outlets to its service points, diverse commodities can be purchased with crypto, particularly Bitcoin. Even a snack. This is one of the major crypto adoption moves made in recent times. One prerequisite is that the stores need to accept Mastercard.
The partnership move is intended to kick off from Argentina at its onset. Currently, the Argentine Peso, the national currency of Argentina, has lost a third of its overall value as compared to the United States Dollar. With the currency inflation hitting over 71% mark, the currency is at a free fall which has lasted a long period. This move by Mastercard to begin from Argentina would be very favorable for the crypto community within this region.
Mastercard is ranked as the 2nd largest network for payments globally in the payment industry after Visa.
Visa which is a giant completion to Mastercard is also a payment system that has provided Cryptocurrency adoption solutions and making its peculiar strides too.
Visa recently launched in Brazil, a Bitcoin prepaid card called the Ripio Card with a cashback option of payment in Bitcoin (BTC). The Ripio Card was created by Ripio, a crypto Broker in Brazil, in partnership with VISA. Other prominent payment channels include Discover and American Express.
Mastercard rose to a total gross dollar volume of $6.3 trillion in 2022. This amount is an indicator of all the amounts transacted on every Mastercard offer.
The company has notably partnered with numerous outlets to provide cards. Mastercard is known to issue prepaid cards, credit, and debit cards as well. The partnership with Binance is another of its reoccurring market strategies- partnerships.