Mastercard Now Allows Crypto Firm Wirex to Issue Payment Cards
Mastercard, one of the worldâs largest payments processors, says Wirex has become the first native crypto company to be able to directly issue payment cards to its customers.
- As part of an expansion of its cryptocurrency program, Mastercard said Monday it had granted Wirex principal membership status.
- Regulated by the U.K.âs Financial Conduct Authority (FCA), Wirex offers a payment facility that automatically exchanges crypto into fiat currencies.
- Wirexâs original card had been with rival Visa; the company will now be able to use Mastercardâs network for fiat currency payments.
- Mastercard processed more than $1.6 trillion in Q1 2020; an 8% increase year-on-year.
- Raj Dhamodharan, Mastercardâs executive vice president on digital assets and blockchain, said the company wanted to work within a maturing cryptocurrency industry.
- Mastercard also said it had made its processes easier for other crypto companies to become principal members as well as access some of its acceleration programs.
- Alibabaâs Ant Group Plans Dual IPOs at Possible $200B Valuation
- UK Government Moving to Restrict Cryptocurrency Promotions
- Japanese Financial Giant MUFG to Launch Digital Currency in 2020
- Bank of Japan Forms New Team to Explore Central Bank Digital Currency
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.