August 4, 2022 1:13 PM UTC
| Updated:
August 4, 2022 at 1:13 PM UTC
Mastercard views cryptocurrency as an asset class rather than a payment method, according to the payments giant’s leading silver dealer. Mastercard’s crypto strategy “has been quite successful since the advent of crypto environments,” he added.
Mastercard’s CFO on Crypto as an Asset Class vs. Means of Payment
Mastercard Chief money dealer (CFO) Sachin Mehra shared his reading on cryptocurrency in an interview published Tuesday by Bloomberg.
He was asked how successful Mastercard’s crypto strategy was. “In the crypto world, we tend to act as an on-ramp, with people mistreating our debit and credit products to buy crypto. and that we act because the exit ramp: once people need money, we tend to make it easy for them to access so they can use their crypto balances anywhere in the world. Mastercard is accepted,” he explained, adding:
“It’s a revenue-generating capability that’s been pretty successful since crypto environments came along.”
The company previously explained that it plans to develop goods and services in 3 key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
Mehra was asked how much the pull crypto assets would get as a real payout style. “For something to be a payment vehicle in our minds, it must have an import store,” he replied. “If the price of something fluctuates daily, specifying your Starbucks from time to time costs you $3 and tomorrow it will reach the value of $9 and so the day it will reach the value of a dollar, it is a curbs on the consumer’s mindset.
Mastercard’s chief merchant added:
“So we tend to think of crypto more as an asset class.”
“But as a payment instrument, we expect stablecoins and CBDCs to undoubtedly have an additional lead,” Mehra concluded.
In February, Mastercard ballooned its payments-focused service to incorporate cryptocurrency. The service covers “a variety of digital currency capabilities, from early education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and thus styling crypto loyalty programs” .
The payments giant filed 15 trademark applications in April for a good variety of metaverse and non-fungible token (NFT) services. In June, it delivered its payment network to web3 and NFTs.
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