The positive attitude toward cryptocurrency exchanges and payment platforms from the world’s largest traditional payment processors signals a shift in perception from the traditional financial space. Mastercard has been actively encouraging exchanges and payment service providers to enlist in its recently expanded cryptocurrency card program, becoming partners in just a few weeks as part of its Accelerate program. Meanwhile, Visa outlined its vision of the cryptocurrency space with an overarching theme of positivity toward the market and the role it will play.
Visa’s public affirmation of its positive stance toward cryptocurrency payment services reflects its drive to remain a leading player in the global payment network. As highlighted in its “outlook on new digital currency payment flows,” the company admits that a growing body of players in the traditional financial sphere has been looking to plug into the crypto space: “It’s a concept that is gaining traction beyond fintechs.”
Mastercard has been actively encouraging crypto exchanges and payment service providers to sign up to their Accelerate platform in an effort to expedite the process to become partners by fast-tracking the onboarding of new crypto debit and credit card providers while providing added assistance for market entry and expansion in different countries. Nevertheless, prospective partners need to meet stringent requirements set by Mastercard. This includes high levels of consumer protection and compliance with AML/KYC regulations.