More and more people all over the world are purchasing and holding various cryptocurrencies. According to recent research, there are about 20% of people who are holding digital currencies in each country. The number of digital players, financial institutions, and merchants who are interested in cryptocurrencies is also gradually increasing.
The world-famous technology company Mastercard that supports the innovations in the payment industry announced the launch of the new program dedicated to digital currencies. The aim of the Mastercard Accelerate program is to simplify the process of dealing with cryptocurrencies for businesses and individuals by providing the opportunity of using the cards compatible with digital currencies. The new program is available for crypto card partners that are invited to become members and give the ability for growth to fintech startups and brands.
Wirex and Mastercard partnership
The first platform that joined the special program by Mastercard was Wirex. The crypto platform now has the right to issue payment cards due to the membership in Mastercard Accelerate. Mastercard believes that the company will drive the crypto market forward, providing the customers with safety and security in the digital world. The partnership with Wirex allows businesses and consumers to enlarge the number of options for making digital payments.
As the partner of the program, the crypto platform Wirex can issue the cards in a direct way providing the customers with the opportunities to purchase, exchange, and hold digital currencies. One of the major benefits of the program is the ability to exchange cryptocurrency into traditional currency immediately and then make payments with Mastercard in any corner of the world. The digital currency is treated by Mastercard as any other fiat currency. In addition, Wirex has a special rewards program for users of the platform. Wirex Cryptoback allows receiving the cashback in the form of 1.5% in Bitcoin for shopping.
Wirex commented that the company was very excited to be the first principal member of the program by Mastercard. The partnership means that digital currencies become more widely recognized. Also, this is one more step towards the equality of traditional and cryptocurrencies worldwide.
The native cryptocurrency platform that is governed by the UK’s Financial Conduct Authority is the company that is constantly growing. Over the past year and a half, Wirex expanded its presence in the Asian market and issued the Wirex Token. In 2020 the platform is going to issue the Wirex card for the European citizens. The major features of the card will include the opportunity to withdraw money from ATM for free in different countries, and also the additional currencies. The company is also planning to launch the cards for corporate clients called Wirex Business.
Mastercard Accelerate program in detail
Mastercard Accelerate allows the crypto partners to enter the other programs by Mastercard and provides help at every stage of the process. Mastercard will provide guidance and support to fintech companies and other members of the program to enter the local and international markets. The company will inform the partners about the existing offers for several weeks.
The participants of the program by Mastercard will apply the technologies by the company, involve the new clients, and enter the new segments. The payment processing company has simplified the process of approval for crypto partners to save time. Also, Mastercard will approve the participation only of those members who agree to follow the major principles established by the company. The core principles for the crypto partners are the following:
- The members of Mastercard Accelerate must provide the protection and security of the transactions and personal data received from the clients;
- Ensure equal conditions for the stakeholders as financial organizations, mobile operators and merchants;
- Follow the laws and regulations established by the government of the countries, prevent the laundering of money, and adhere to the principles of the economic systems where the network operates.
Mastercard will apply the experience, innovative methods, and technologies to create ecosystems for digital currencies and improve the ways of interaction between businesses and individuals.