The platform will be immediately available in some key African markets that include:
According to MasterCard, the platform lays the foundation for financial instutions to simplify access to a growing range of best-in-class MasterCard products by allowing payment issuers and banks to offer their consumers payment solutions that include:
According to Gaurang Shah, Senior VP, Product Management of Digital Payments & Labs, MasterCard EA,
“Accelerated adoption of digital payments means more consumers and businesses are enabled to benefit from a growing digital economy and a world beyond cash. Mastercard’s trusted, secure technology will be available to more people through this digital platform and we are very proud to activate this important initiative with Network International as our long-term strategic partner.”
– Senior VP, Digital Payments & Labs, MasterCard EA
In 2020, MasterCard expanded its accelerated card program to include cryptocurrency firms and fintechs enabling them to directly issue payment cards via the MasterCard payment rail.
All payment cards issued to consumers will make it easier for people to buy, hold, and exchange multiple cryptocurrencies instantly into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.
According to the company, currency will always enter Mastercard’s network as traditional fiat currency. Firms however will be free to offer reward programs in bitcoin for in-store purchases.
The new payment platform will no doubt work with any subsidiaries already leveraging the MasterCard ecosystem, including cryptocurrency firms and fintechs.
NB: Bitcoin KE has reached out to MasterCard to confirm if cards issued to crypto firms will be usable on the new payment rail. We will update this post when a response is received