Mastercard needs new partners for its crypto card program

By:
on Jul 20, 2020
Listen
  • Mastercard simplified the application for crypto firms that wish to partner up and issue their cards.
  • The company has now invited all interested firms to apply and gain membership within weeks.
  • The firm already provided one membership status to a London-based crypto payment processor, Wirex.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Mastercard has recently decided to expand its cryptocurrency card program further, and is now in a process of finding new partners for it. The company is encouraging all crypto companies interested in the program to apply for the new and simplified access to the Accelerate program.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Mastercard invites crypto firms to apply for membership

Copy link to section

Earlier today, July 20th, the credit card giant announced that the access to its Accelerate program for digital currency card issuers is now much simpler than before. Anyone interested can become a partner in mere weeks.

In doing so, partnering firms will get Mastercard’s assistance in integrating their technology. This would allow them to benefit from the company even further, by relying on its market research and expertise.

Of course, Mastercard’s new offer still implies that companies looking to apply must be in full compliance with the firm’s own core principles. For example, they need to be able to provide full protection of consumers, which includes security and privacy.

Next, the applying firms must be in compliance with standing laws and regulations. That means obeying the AML and similar rules. Not only that, but they must also ensure the level playing field for everyone, including merchants, mobile network operators, as well as financial institutions.

Wirex becomes the first member of the program

Copy link to section

The company has already granted one principal membership at this time, and it went to a UK-based and FCA-regulated company, Wirex. This is a crypto payment processor, which will allow the creation of crypto cards directly.

Meanwhile, the users of the Wirex card will be able to exchange their digital coins for traditional currencies instantly. They will then be able to spend the coins at any PoS compatible with Mastercard itself.

This will mean that the currency that will enter Mastercard’s own network will come as a fiat currency, instead of the firm accepting coins as payment.

Still, the move represents a growing interest and recognition in regulators’ acceptance of crypto, as Wirex’s CEO, Pavel Matveev, noted.

Crypto