We have already acknowledged the dynamic face of the digital world, and how quickly it adapts to change, and accordingly, a layman also is changing his lifestyle towards payments. There exists a plethora of methods of payment, one among them being Digital assets like cryptocurrencies and central bank digital currencies which we shall be highlighting in this article. It has the potential to transform the entire financial infrastructure and its functionality. Also, blockchain, NFTs, and metaverse are not left out of experiences that could tremendously change how consumers to shop and communicate. But to unlock that potential, one needs to bring together the best of tech, banking, crypto, and fintech. This will create various new services and make the movement of money more simple and affordable. The long-sought promise to make crypto a payment tool can easily be achieved. Below is an exhibit that depicts the adoption rate of cryptocurrencies and the number of blockchain wallets in circulation.
Such collaborations will also help the crypto domain to improve its safety for its users, whether future market turmoil and reach greater mainstream adoption.
Soon we shall witness an era where by digital currency will be as seamless as making a contactless card payment. For sure there is a long way to go to make it possible. Below are five parameters that can help turn cyrpto’s into an everyday payment module in the digital domain.
Crypto cards can prove to be a valuable bridge between existing financial services and the growing crypto ecosystem which has evolved in this era. Globally there are dozens of new crypto card programs. A few examples which we can quote here- are Gemini in the U.S. pays rewards in cryptocurrencies on credit cards. In Argentina, a prepaid card with Binance has been launched which allows users to fund the card with their crypto, which is converted to fiat currency immediately while making payments. While, in Europe, the world’s first physical debit card was announced which is customizable to include a customer’s NFT avatar.
Services for cryptoMastercard is a provider of cybersecurity, digital ID, advisory, and open banking services to tens of thousands of financial institutions. More support to crypto players and issuers has been given by it. One company named CipherTrace tracks data to investigate any fraudulent behavior in the crypto domain. Trusting on these capabilities, it has become easier and safer to buy/sell crypto with the launch of Crypto Secure, which is supported by CipherTrace tech. With its help, the card issuers stay compliant with the rules and regulations and accordingly phrase the risk appetite of the crypto transactions.
With a handful of top-tier crypto-focused payment-based companies like Paxos, Circle, Evolve, and Uphold, it has developed ways for people to convert their crypto to fiat to make payments quickly. This work shall support the current and future crypto card partnerships.
An important way to expand options for consumers is to bring certain Mastercard-approved digital assets to the networks. Cryptocurrency transactions can only take place when it provides consumer protections, strict regulatory compliance, and stability.
Every sphere of the financial ecosystem is working to grow its partnerships to support NFTs and the metaverse. The users of Coinbase are able to pay for NFTs with their cards now with a single tap or click which is a huge achievement in itself.
That’s what the crypto economy needs to support the next million users — or the next billion. We’re excited to prioritize these core areas to give people more access to the crypto ecosystem and help it keep innovating and growing.
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