According to an internal strategy report seen by CoinDesk, payments titan Mastercard is looking into potential collaborations with cryptocurrency self-custody wallet providers like MetaMask and Ledger.
The confidential report shows that Mastercard views this as a chance to assist wallet companies in increasing their user bases and building revenue streams by providing a Mastercard-branded debit or credit card to their users. This would let wallet users seamlessly spend their crypto balances wherever Mastercard is taken.
In turn, Mastercard and its issuing bank partners would get access to a new crypto-savvy customer segment. The report mentions Mastercard is assessing “new models for global card issuance utilizing stablecoins and fast payment chains.”
Mastercard seems to be pushing forward on crypto despite recent volatility and uncertain regulations. Earlier this year, it launched its Engage program to speed up new crypto card offerings. Competitor Visa is also working with blockchain players on card products.
The report shows Mastercard plans to release standards to ensure consumer protection, fair pricing, and monitoring by its partners. Its 2021 CipherTrace acquisition could aid in monitoring services.
Once standards are validated, Mastercard aims to first launch a crypto card in the EU or UK, the most crypto-friendly jurisdictions. With its vast network, Mastercard’s entry could further drive mainstream crypto adoption.
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