Mastercard Accelerate Program Starts Issuing Cryptocurrency Cards
Kataryna Kovtun July 21, 2020
Mastercard Accelerate program opens access to its payment system for cryptocurrency companies.
The first issuer of crypto cards will be the British cryptocurrency startup Wirex, which has received the status of a licensed participant in the system.
On July 20, payment giant Mastercard published a press release, according to which cryptocurrency projects have access to the Mastercard Accelerate program, which ensures the interaction of financial and technical companies with the payment system.
While making it easier for cryptocurrency companies to access their program, Mastercard emphasized that they must follow general principles:
- provide reliable consumer protection (in the area of privacy and security);
- operate by laws and regulations, adhere to anti-money laundering standards;
- create a level playing field for all stakeholders such as financial institutions, retailers and mobile operators;
Executive Vice President of Digital Assets Mastercard Raj Dhamodharan commented on the event:
“The cryptocurrency market continues to evolve and Mastercard is propelling it forward by creating a safe and secure environment for consumers and businesses in today’s digital economy.”
Participants of the Mastercard Accelerate Program
Wirex became the first cryptocurrency startup to participate in the Mastercard Accelerate program. The new partner will be assisted in integrating Mastercard technologies. He will be able to draw on the payment giant’s cybersecurity expertise as well as its market research.
Thus, the Wirex project got the opportunity to issue crypto cards in the Mastercard system. Wirex cards will allow you to store and spend both fiat and digital currencies. Cardholders will be able to convert crypto assets to fiat and make purchases at points of sale that accept Mastercard.
Cryptocurrency startup Wirex is licensed by the UK Financial Conduct Authority and provides its clients with a service for automatically converting digital currencies into traditional ones. Initially, the company issued cards in the Visa payment system, but now it will be able to use the Mastercard system.