Mastercard sees crypto more as an asset class than a payment method – Featured Bitcoin News

Mastercard sees cryptocurrency as an asset class more than a means of payment, according to the payments giant’s chief financial officer. Mastercard’s crypto strategy “has been quite successful since crypto environments first came into existence,” he added.

Mastercard’s CFO on Crypto as an Asset Class vs. Means of Payment

Mastercard’s chief financial officer (CFO), Sachin Mehra, shared his views on cryptocurrency in an interview published Tuesday by Bloomberg.

He was asked how successful Mastercard’s crypto strategy was. “In the crypto world, we act as an on-ramp, with people using our debit and credit products to buy crypto. And we act as the exit ramp: when people want to cash it out, we help them access it so they can use their crypto balances wherever Mastercard is accepted,” he detailed, specifying:

It is a revenue-generating capability that has been quite successful since the advent of crypto environments.

The company previously explained that it plans to develop products and services in three key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

Mehra was further asked how much traction crypto assets can be obtained as a real form of payment. “For anything to be a means of payment in our minds, it must have a store of value,” he replied. “If the value of something fluctuates every day, so that your Starbucks coffee today costs you $3 and tomorrow it will cost you $9 and the next day it will cost you $1, that’s a point of view problem. view of the consumer’s state of mind.”

Mastercard’s CFO added:

So we see crypto more as an asset class.

“But as a payment instrument, we think stablecoins and CBDCs potentially have a bit more traction,” Mehra concluded.

In February, Mastercard expanded its payments-focused advisory service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and crypto loyalty program design” .

The payments giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company announced that it was bringing its payment network to Web3 and NFTs.

What do you think of the words of the Chief Financial Officer of Mastercard? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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