They have literally announced issuing an open invitation to Cryptocurrency companies who wish to join Mastercard accelerate the program. This is after only two years after Mastercard banned its users from purchasing Cryptocurrency or funding exchange accounts using Mastercard.
Mastercard has seen the rising popularity of Crypto debit cards realizes that it’s missing out on a big rising segment of the industry. And with the downfall of Wirecard, a pretty big opportunity opened up itself for competition. Visa has been on the Crypto train way earlier than Mastercard. They have been doing partnerships with around 25 platforms including big players like Coinbase.
Today in a blog post, Visa has decided to outline in greater depth their Crypto vision. Visa pointed out that “they remain agnostic in regards to different Cryptocurrencies and Cryptocurrency networks while continuing to focus on aspects like technology and security for Crypto assets, supporting the networks in which clients are demanding.”
Visa will also continue to help educate policy-makers and organizations about the benefits of Cryptocurrency and Blockchain technology.
Visa will be one of the companies that are predicted to survive in the future; because in this era failure to innovate in payments will be a fatal mistake for any company that has anything to do with payments, banks included. A lot of banks that will not adapt in the time will go under.
They survive if they cope
Of course, this story will not happen to the smart ones. Companies like J.P Morgan have been involved in Crypto for many years and in spite of all their official rhetoric, they have actually been earlier adopters in terms of lunching subjects like Ethereum, Fork, and providing bank resources for Coinbase and Gemini.
And also there is PayPal which is losing its eBay partnership and is basically on the verge of being Myspaced and has to get into Crypto or lose basically. Remains to be seen if their Crypto plans will same them long-term but it’s a necessity for them to try at least to stay relevant.
Companies that had once thought they were the king of the anthill, they are now starring down the lawnmower of fade. And smart ones like Visa, they are actively working on building a bridge between Crypto in the world of traditional finance which is a great place to position themselves.
Because they understand that they have one or two choices, either adapt to the most important technological advancements in payments in fintech and finance of the century or face the inevitable terminal decline.
To sum up – As time goes on many companies seek to save their part in the market, and it seems like that the most certain target the financial world is going towards is Cryptocurrency. More companies are bending the knee in front of the huge success that digital assets have made in such a short period of time.