Mastercard Partners With Mercury To Enable Crypto Payments Using Debit Cards
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Mastercard has announced the expansion of crypto payment solutions for self-custodial wallets. The new feature comes in collaboration with European crypto payments provider, Mercuryo. The partnership will introduce a euro-denominated crypto debit card that will enable users to spend and use digital assets directly from their wallets at more than 100 million merchants.
Mastercard Is Bridging The Gap Between Crypto And Fiat Payments
The team at Mercuryo stated that the collaboration is part of Mastercard’s wider plan to bridge the gap between the crypto economy and traditional finance. This enabled the customers to manage things by themselves and carry out transactions using crypto assets.
The self-custody concept gives holders of crypto assets the opportunity to easily store assets without relying on exchanges or centralized platforms. According to Mastercard, the plan is to allow users to control their accounts and manage their private keys, reaching the demand for self-custodial solutions in the process.
One of the main problems crypto users have been facing over the years is the conversion of cryptocurrencies into fiat currencies for daily use. With the introduction of Mercury’s credit card, called SPEND, users can now make payments from their wallets without needing any conversion to fiat. It gives individuals an easier way individuals can spend their digital currencies without involving intermediaries.
The new card supports different digital currencies, including Bitcoin (BTC) and Ethereum (ETH). It is acceptable across all Mastercard merchants’ outlets globally. The collaboration between the two firms will enable holders of the multi-chain debit card to easily access their funds from their wallets. It is ideal for those looking for easy crypto-to-fiat conversion options.
The mainstream payment giants have entered the crypto payment industry after years of reluctance. Both Mastercard and Visa have products that link crypto users to fiat currency. Mastercard in particular, started its journey in the crypto world in 2021 when it started supporting digital currencies on its network.
More Companies Embrace Cryptocurrencies As A Means Of Payment
Following the decision, it decided to partner with several companies in the digital asset industry to bolster its position. Mastercard has partnered with top firms like Coinbase and Circle. Its latest collaboration with Mercuryo is evidence to show that the payments giant wants to expand its collaborations within the crypto space.
Mastercard operates in over 200 countries worldwide. The latest partnership with Mercuryo is coming when the crypto space is expanding while cryptocurrencies are increasingly gaining acceptance as a medium of payment.
