Mastercard streamlines program to allow crypto partners

Mastercard streamlines program to allow crypto partners

By Benson Toti - min read

Mastercard, one of the world’s leading companies in financial services and payments technology, now invite crypto businesses to apply to be a part of the Accelerate Program

As part of the company’s new cryptocurrency card program, Mastercard has been reaching out to cryptocurrency firms in the hopes that these companies would consider applying to become partners.

On Monday, the 20th of July, Mastercard announced that it simplified access to the Accelerate program for crypto card issuers, which allows applicants to be onboarded as partners “in a matter of weeks”.

The Accelerate program provides support for its partners in establishing their foothold in the crypto market, ensuring their continued growth, and preparing for international expansion. It has been refined to cover crypto card applicants as well.

However, while access to the program is being streamlined for future crypto partners, Mastercard has emphasised that all partners must still comply with the company’s core principles. These include compliance with the relevant laws and regulations (such as the Anti-Money Laundering (AML) regulations), ensuring the privacy and security for all its users, and establishing a fair playing field for all stakeholders, particularly for  financial institutions, merchants, and mobile network operators.

Mastercard will work with their new crypto partners in integrating the technology. These crypto firms are expected to benefit from Mastercard’s extensive market research and expertise in the cybersecurity space.

Executive vice president of digital asset and blockchain products and partnerships of Mastercard, Raj Dhamodharan, said the company is driving the growth of the cryptocurrency market.

“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.”

Wirex, a crypto payment processor based in London, is the first crypto business with a Mastercard principal membership. This allows the platform to directly issue crypto payment cards.

Card users of Wirex are now allowed to convert their crypto holdings into fiat currency with the membership. It can then be spent at points of sale that accept a mastercard. This means that the currency will enter the Mastercard network in fiat form and not as a cryptocurrency.

Mastercard has been a staunch believer in cryptocurrencies. Last year, the company was open to hiring blockchain professionals across multiple verticals in their efforts to develop products designed for the industry.

Mastercard was formerly a member of Facebook’s Libra Association. The company pulled out of the project due to concerns over the capacity of its business model to satisfy international regulations as well as its viability.

CEO and president of Mastercard, Ajay Banga, said that the project also lacked a clear business model.