Binance and Mastercard, two of the world’s leading cryptocurrency and card payment service providers, have joined forces to scale blockchain technology. The new deal aims to bring cryptocurrency payments to the retail market.
Mastercard and Binance Team Up to Facilitate Cryptocurrency Payments
The latest partnership between the two giants is to introduce crypto payments to retailers as an alternative to fiat currency in transactions. In addition, both companies have piloted new projects in Argentina before expanding to other parts of the world.
The potential of blockchain technology is immense. In response, Mastercard CEO Michael Miebach said the easiest way to expand the use of blockchain is to integrate it into payment systems. “The motivation is to allow retailers to use digital tokens for everyday purchases, he added “Mastercard CEO.
Meanwhile, the latest development has made headlines following the launch of Argentina’s first cryptocurrency debit card. This makes the South American country the first company to introduce a new product in the region. It is worth noting that the
https://www.binance.com/enBinance Card product is an amalgamation of Binance’s blockchain technology and Mastercard’s merchant his network system. The card allows customers to convert fiat currency into crypto tokens when shopping at the POS. The demand for cryptocurrency payments against fiat currencies is increasing day by day.
The payment solutions provider claims that most customers prefer using crypto wallets instead of using crypto.
Virtual Currency Payments Embodied
The integration of virtual currency payments in retail has been considered for some time. While most countries have yet to fully approve payments in crypto tokens, some have changed their perceptions of digital currencies.
A recent partnership between a cryptocurrency company and a card payment provider is one of many.
Despite the market downturn, cryptocurrency awareness continues to grow among businesses and individuals. Institutional investors are tapping into the space, taking advantage of the popularity of digital assets.
More importantly, understanding of the cryptocurrency outlook is gaining momentum, with most major financial institutions moving forward to invest in digital assets.
One possible reason for the surge in cryptocurrency payments is the low transaction costs. It also helped bridge the gap between banked and unbanked people that traditional banks couldn’t fill.
In addition, remittance processing times are fast and users are available 24 hours through their cryptocurrency wallets. For merchants, crypto payments offer an additional convenience not found in traditional banks. As previously mentioned, traders benefit from processing speed, security, and low fees.
Given the current preference for cryptocurrency payments over fiat currency and business-industry interactions, this could have long-term implications for the financial sector.
However, as the crypto market correction is still in effect, player enthusiasm is needed to reverse the downtrend.
