Mastercard is to offer support for selected cryptocurrencies on its payments network in 2021, joining Tesla, Square Inc, Paypal and asset manager BlackRock in recently backing the adoption of digital assets.
Mastercard currently offers customers cards that allow transactions using their cryptocurrencies, but without going through its main payments network.
In the announcement, MasterCard clarified that not all cryptocurrencies would be supported on its network, and that many of the hundreds of digital assets in circulation need to tighten their compliance measures.
A Mastercard spokesperson said: "Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.”
They added: “This change may open merchants up to new customers who are already flocking to digital assets."
The news comes after Visa said in its first quarter earnings call in January that it was considering adding crypto to its networks.
Al Kell, chief executive at Visa, said: “To the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today.”
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