Mastercard is an American Multinational financial services corporation, headquartered in New York. Mastercard, is one of the key players in the today’s financial sector. Its operations are spread across the globe, with the main function of the company being processing payments between banks of the merchant and the card issuing banks of the purchaser who typically uses Mastercard branded card. Mastercard has been dominating the sector for a long time now and has a good competitive streak with VISA.
Mastercard, in its exploration journey and with a vision to dominate the financial sector, had teamed up with Nexo, a crypto lender and had launched world’s first crypto backed payment card, earlier this year. It is the most recent attempt by cryptocurrency and established financial networks to work together as digital assets gain popularity.
Cryptocurrency is however, tipped to revolutionize the financial industry in the coming years. Seeing this as an opportunity, Mastercard was quick to jump into the crypto market and publish the first crypto backed payments card, which received a lot of reaction from the market.
Mastercard vision’s crypto as the future.
Mastercard has always been vocal about its vision of catering to nature and giving it back to the nature in its best potential. Out of such a vision, the Chief Financial Officer Sachin Mehra, remarked that, Mastercard’s future is beyond plastic and the perfect replacement for plastic is cryptocurrency. In its pursuit, the company also included ESG (Environmental, Social and Governance Metrics).
The CFO also added that, the company is in a good space as on date and the time is perfect for to company to explore more in crypto domain. Mehra also went on to quote, “If you think about it globally, there’s still a ton of cash which remains to be electronified.”
As we observe, how a top company from the financial sector is mending its ways in favor of cryptocurrency is nothing sort of magic. Crypto’s dominance is increasing despite all the negative aspects assigned to it. The volatility or the ease of fraud are a problem for the industry, but the investors and institutions are willing to look beyond them, provided they have good regulation provided in place.
Cryptocurrency is certainly spreading its wings across borders and is surely in its way to revolutionize the financial sector in a way, no one can imagine.