In a major move into the digital asset economy, Mastercard has launched new services that will support Stablecoin payments on a global merchant network. Mastercard is now partnering with crypto exchange OKX to launch OKX Card, allowing users to use their digital assets for direct purchases. In this initiative, Mastercard has also partnered with companies like Nuvei, Circle, and Paxos to make Stablecoin payments even easier. OKX Crypto Exchange also plans to launch a Crypto Wallet soon.
Stablecoin Payments Now Directly in Shopping
Many big companies are joining Mastercard in its plans to make crypto payments easier.
- In collaboration with OKX, “OKX Card” is being launched, through which users will be able to make payments directly from their wallet.
- Nuvei and Circle (USDC’s parent company) will together allow merchants to accept Stablecoin payments directly.
- With the help of Paxos, Mastercard is going to add other Stablecoins like USDP in the future.
Mastercard’s Chief Product Officer, Jorn Lambert, said that payments with Stablecoins can be fast, affordable, and more flexible.
Kraken, Binance, Crypto.com: The big names in Mastercard’s crypto bucket
This isn’t Mastercard’s first attempt to link digital assets to traditional spending.
- Kraken and Mastercard had previously launched a Crypto Debit Card. Mastercard has also started card payments by partnering with major crypto exchanges like Binance and Crypto.com.
- In February 2024, Ondo Finance became the first company to bring real-world assets such as bonds to Mastercard’s MTN network.
What will be the benefit of this step?
Mastercard believes that digital assets can only become mainstream if they are as easy to use as cash or cards.
- Stablecoin payments will make transactions faster, affordable, and more secure.
- For Web3 users, the gap between trading and real-world shopping will be eliminated.
- This will also be a new payment option for merchants, allowing them to reach a larger global customer base.
This strategy of Mastercard is an attempt to incorporate blockchain technology into everyday life. Just as credit cards are used everywhere today, digital assets will also become common tomorrow.
This new move by Mastercard can not only prove to be a game changer for the digital payment industry, but it will also help in bringing stablecoins and blockchain technology into the mainstream. This initiative with OKX Card and partner companies shows that now crypto is not just a means of investment, but is also going to be a part of everyday transactions.