Mastercard, the world’s second-largest payment-processing company, has recently announced the expansion of its Engage program to support the scaling of crypto and blockchain technology. This move highlights Mastercard’s commitment to embracing the potential of digital assets and its aim to facilitate the growth of the Web3 economy. Through the Engage program, Mastercard aims to provide a platform for crypto firms to leverage its extensive global network and drive innovation in the financial industry.
Simplifying Collaboration and Accelerating Product Innovation
Mastercard’s Engage program serves as a platform for partners to collaborate with the credit card giant, enabling them to bring their products and services to market more efficiently. By expanding the program to include crypto firms, Mastercard seeks to foster accessibility and collaboration within the crypto value chain. This expansion will streamline the process for potential partners interested in launching crypto card programs and provide opportunities for collaboration with BIN sponsors (Bank Identification Numbers).
Enabling Crypto-to-Fiat Conversion and Enhancing Accessibility
As part of the Engage program, Mastercard plans to enable crypto-to-fiat conversion capabilities through its partnerships with crypto firms. This feature will bridge the gap between digital assets and traditional fiat currencies, facilitating seamless transactions and enhancing accessibility for users. By providing the infrastructure and expertise necessary for the integration of digital assets, Mastercard aims to drive the adoption of cryptocurrencies in the financial industry.
Crypto Payment Companies Joining Mastercard’s Engage Program
Mastercard has already welcomed several crypto payment companies to its Engage program, further strengthening its commitment to supporting the crypto ecosystem. These companies include Baanx, Credential Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimited. By joining the Mastercard Engage program, these companies gain access to the Mastercard brand and its extensive network, enabling them to reach a broader customer base and expand their offerings.
Raj Dhamodharan, Executive Vice President of blockchain and digital asset products at Mastercard, expressed his enthusiasm for the expansion of the Engage program, stating, “The expansion of Mastercard Engage’s network will allow various players, not just within the crypto asset ecosystem, to join the Mastercard brand. It will allow us to realize our ambitions at scale while being backed by the safety and security of our customers.”
In conclusion, Mastercard’s expansion of the Engage program to support crypto and blockchain technology signifies its commitment to driving innovation and fostering collaboration within the digital asset space. By leveraging its global network and expertise, Mastercard aims to accelerate the adoption of digital assets and facilitate the growth of the Web3 economy.