Mastercard To Support Cryptocurrency Payments in 2021

Mastercard, a key player in the world of traditional payments, is getting into cryptocurrency.

In a blog post today, the credit card company announced that it will “start supporting select cryptocurrencies directly on our network” in 2021.

Though Mastercard already works with cryptocurrency payment companies Wirex and BitPay on crypto debit cards, today’s news represents a shift.

“Our crypto partners convert the digital assets on their end to traditional currencies, then transmit them through to the Mastercard network,” the blog post explains. “Our change to supporting digital assets directly will allow many more merchants to accept crypto—an ability that’s currently limited by proprietary methods unique to each digital asset. This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.”

This article is being updated as more information becomes available.

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