- One of the world's major payments processors, Mastercard, has announced it has approved Wirex to become its maiden crypto firm to provide payment cards to its clients directly.
- In efforts to expand its crypto program, Mastercard is now encouraging the crypto companies to apply to become its partners.
On Monday, July 20, Mastercard announced that it was seeking to make it easy for crypto card issuers to become its partners through the firm's Accelerate program. Now, it will take just a few weeks before applicants can be approved as partners, the firm stated.
The Accelerate programs offer partners the requisite support for their market entry, continued development as well as international expansion. The approved partners will be helped to integrate into Mastercard's technology easily and will be allowed to benefit from the firm's market research and cybersecurity expertise.
Although the firm is focusing on making it easier for partners to access the Accelerate program, firms wishing to be onboarded must adhere to the company's “core principles.”
The core principles comprise of ensuring the security and privacy of the users, adherence to the requisite laws and regulations like AML rules as well as coming up with a level playing field for all the stakeholders involved like merchants, financial institutions as well as mobile network operators.
The company's head of digital assets and blockchain, Raj Dhamodharan, explained that the crypto market is fast maturing and the firm wants to be part of this journey. He said:
“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.”
Wirex cardholders will have a chance to instantly convert their crypto assets into different fiat currencies that can be used at a point of sale which accepts Mastercard.
Pavel Matveev, Wirex CEO, praised the partnership, saying that it shows that cryptocurrency is slowly gaining recognition and acceptance by several global bodies as well as regulators. He added that the partnership would allow the firm to reach all corners of the world as Mastercard is a global institution.