Mastercard Expands “Engage” Program to Boost Cryptocurrency Adoption
Under the Engage program Mastercard aims to foster the adoption of groundbreaking financial technologies particularly in developing nations . This initiative attempts to promote financial inclusion and improve access to financial services for individuals and small businesses .
Collaborating for Economic and Social Development
Mastercard’sEngage program works closely with local partners like banks, microfinance institutions, governments and technology companies to apply innovative financial solutions that drive economic and social progress .
The program puts focus on digital technologies like mobile payments, electronic wallets and financial management solutions . However the recent move by the payment giant suggests an improved focus on cryptocurrencies .
A New Frontier for Mastercard
In an effort to further boost its engagement with cryptocurrencies Mastercard is expanding the Engage program . The company wants to connect card issuers with partners possessing technical expertise in cryptocurrencies leveraging its vast global payment network .
The primary idea is to introduce crypto bank cards to the market . Through MastercardEngage the company plans to further the launch of bank cards capable of seamlessly converting cryptocurrencies into traditional fiat currencies . This collaboration targets companies that issue cards or act as bank identification number (BIN) sponsors seeking to introduce crypto cards .
Mastercard has also revealed that a significant number of cryptocurrency payment companies are joining the Engage program . The list of participants include Episode 6, Immersve, Credencial Payments, Monavate, Paymentology and Unlimit .
Expanding Footprint in the Cryptocurrency Ecosystem
Furthermore the payment giant plans to operationalize its payment service via USDC (USD Coin) by 2023 and further solidify its presence and influence in the digital asset space .
With Mastercard’s increased commitment and expanding network, the adoption of cryptocurrencies and the integration of these digital assets into mainstream financial services are expected to gain further traction and potentially transform the global payments landscape .
As the world continues to embrace the possibilities of digital currencies Mastercard’s strategic moves indicate its determination to remain at the forefront of financial innovation and ultimately benefiting consumers and businesses alike .