Payments giant Mastercard is exploring how best to partner with self-managed wallet companies such as MetaMask and Ledger, according to a Web3 strategy workshop report from CoinDesk.
Mastercard pointed out in a presentation deck that having a payment card helps wallet providers increase the number of active users and build loyalty and other revenue streams, while giving cardholders the ability to spend their crypto balance in a frictionless way.
But portfolio companies face significant resource demands when launching a card in a new region, which is where Mastercard and its issuing partners come into the picture. The 57-year-old payments technology company also said it is “evaluating new models for global issuance using stablecoin.” about chain settlement” and “cheap fast chains”, according to the card game.
“Mastercard brings its trusted and transparent approach to the digital asset space through a range of innovative products and solutions – including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program and new card programs connecting Web2 and Web3,” a Dat a Mastercard spokesperson said via email.
Major credit card networks are pushing ahead with crypto despite tough market conditions and regulatory uncertainty in places like the US. Earlier this year, Mastercard made it clear that its Engage program will focus on bringing new crypto card programs to market. Visa, meanwhile, has teamed up with stablecoin USDC and the Solana blockchain for cross-border payments and is exploring ways to iron out wrinkles such as paying Ethereum gas fees.
Mastercard will release a set of franchise standards, or rules for partner companies, to ensure consumer protection, price competition and transaction monitoring requirements, the game said. The company’s acquisition of CipherTrace in 2021 means the blockchain analytics specialist is ready to provide monitoring services.
Once the proposed standards are validated, the next step would be to issue a card targeting the EU or UK as the first market, Mastercard said in its presentation deck.
“Users want a simple solution: seamless transactions without pre-funding, without spending crypto and without having to deal with taxes,” the report said.
