MasterCard Inc. (NYSE: MA) Collaborates With Criptan To Launch Crypto Card

MasterCard Inc. (NYSE: MA) recently partnered with a leading crypto trading platform, Criptan, and electronic money institution, Pecunpay. 

MasterCard partners to introduce cryptocurrency cards.

The collaboration has helped MasterCard in launching its first cryptocurrency card called CripytanCard in Western Europe. Cardholders can enjoy the option of using cryptos to make payments if they wish. Therefore this will do away with the need of having advance refills to the card.

As part of these efforts, Criptan will convert its digital currencies into traditional fiat currencies, progressively making way into the MasterCard network. Subsequently, Criptan will open the way for the use of crypto across all MasterCard accepting merchants globally. Equally, the cards will be able to withdraw cash from ATMs worldwide. Pecunpay played a vital role in the launch of the CriptanCard by integrating it with the former’s banking platform. As a result, this empowered CriptanCard to process transactions independently. 

MasterCard has been partnering with crypto platforms to leverage the increasing number of consumers coming into the cryptocurrency space in recent times. The payments processing company has been striving to bridge the gap between crypto and consumers, pacing the way for effortless utilization of the currencies daily. 

The Cryptocurrency industry experiencing considerable growth

In April 20201, the company partnered with crypto platform Gemini and digital banking company WebBank to introduced a crypto rewards credit card. During the pandemic, cryptocurrencies such as BTC emerged as popular investment assets. Growth accelerated due to growing digital transactions usage by consumers during the pandemic. With the growing use of digital transaction, crypto gained popularity since they promote seamless and cost-effective currency exchanges. 

Recently BTC’s price dipped following Tesla CEO Elon Musk’s assertion that they will not accept BTC as a payment form for EVs. However, this is a temporary blip considering the crypto market has faced several challenges before. Volatility has been a severe challenge in the sector, but the market still holds massive potential growth prospects. The global crypto market is expected to grow at a CAGR of 30% between 2019 and 2026. 

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