Mastercard Offers Principal Membership to Crypto Firm Wirex for Issuing Payment Cards

UTC by Bhushan Akolkar · 3 min read
Mastercard Offers Principal Membership to Crypto Firm Wirex for Issuing Payment Cards
Photo: Depositphotos

The cooperation with Mastercard will allow Wirex the ability to directly issue crypto payment cards to its customers and push cryptocurrency adoption to the mainstream financial market.

Payments giant Mastercard Inc (NYSE: MA) is slowing expanding its footprint in the crypto space by making important partnerships. Mastercard has recently offered a principal membership to cryptocurrency-native platform Wirex.

This makes Wirex the first crypto company to directly issue crypto payment cards to its customers. Under the regulatory permission of the UK’s Financial Conduct Authority (FCA), Wirex provides payment facilities which also allows users to automatically convert their cryptocurrencies into fiat.

The latest partnership with Mastercard will also help Wirex to bring cryptocurrencies to the mainstream. With Mastercard’s principal membership, Wirex can issue a payment card directly. This, in turn, brings additional benefits in the form of convenience, faster transactions, and reduced costs.

Furthermore, Wirex will serve as a one-stop platform allowing its customers to buy, hold, exchange and spend several traditional fiat currencies or cryptocurrencies at the best market-rates. Pavel Matveev, CEO and co-founder of Wirex, said that this is a pivotal move for the company. In the official press release, Mateev said:

“Wirex is proud to have become a principal member of Mastercard. It has always been our vision to empower everyone to enjoy the advantages of a world where all currencies are equal, and this membership is a step in the right direction. We’ve been working hard to develop a cheaper, faster and safer platform, and we’re excited to announce some revolutionary advancements over the next few months that will change the fintech and crypto spaces forever.”

Mastercard Expands into Crypto with Wirex

Over the last few years, there’s a significant growth in consumer interest and investments in cryptocurrencies. Research also shows that around 20% population in crypto-friendly countries hold digital assets. Besides, there’s also been a significant surge in financial institutions and merchants accepting crypto payments.

With the recent partnership, Mastercard has announced the expansion of its cryptocurrency program. Mastercard’s Accelerate program also invites other crypto card partners, emerging crypto brands, and fintechs to join them. This will thus help the merging players to get access to Mastercard’s robust infrastructure which allows fast onboarding along with technical and growth support.

Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard, said:

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy. Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”

Such partnerships are clear signs of bridging the gap between traditional financial markets and the crypto markets.

Cryptocurrency News, FinTech News, News
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