Mastercard says it will allow merchants to start accepting payments in cryptocurrency 2021.
This move will position the payment giants as the first to integrate digital currency payment directly on their network.
According to a reliable source who disclosed that part of the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants.
The source underscored that there is no guarantee Mastercards will accept Bitcoin because most bitcoin buyers treat the digital coin as investment vehicles rather than payment tools.
In a recent blog post by Raj Dhamodharan, the Executive Vice President for Blockchain and Digital Asset Products hinted that stablecoins will be the primary beneficiary of Mastercard’s coming integration.
“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value,” Dhamodharan said.
The new initiative promises to upend the dynamic among the store owners and businesses and to provide maximal flexibility to customers and merchants.