Mastercard and Binance Strike Partnership to Unlock Blockchain Technology Potential
Categories: Crypto News
Mastercard andBinance Strike Partnership to Unlock Blockchain Technology Potential
Mastercardand Binance Link Up to Boost Crypto Payment
The recentpartnership between the two giants is to introduce crypto payment to retailersas an alternative to fiat currency for transactions. Moreover, the two partiesrolled out the pilot phase of the new project in Argentina before expanding toother parts of the world.
Thepotential inherent in blockchain technology is enormous. Accordingly, MichaelMiebach, CEO of Mastercard, said the easiest way to expand blockchainuse is to bring it into the payment system. The motive is to allow retailers touse digital tokens in their daily purchases, added Mastercard’sCEO.
Meanwhile,the latest development made the news following Argentina’s first crypto debitcard launch. This means that the South American nation is the first to debutthe new product in the region.It is worth noting that the product ”BinanceCard” is a fusion of Binance’s blockchain technology and Mastercard’smerchant network system. The card enables customers to convert their fiatcash to crypto tokens at the point of sale when making purchases. The demandfor crypto payments against fiat is rising with each passing day.
Paymentsolution providers assert that most customers prefer using their crypto walletsto using any crypto.Integrating crypto payments into retail enterprisesis a move that has been in the offing for some time. Even though mostcountries are yet to approve payment in crypto tokens fully, others haveshifted their perception of digital currency. The latest partnership betweencrypto firms and card payment providers is one of many.
Despite themarket downturn, the perception of cryptocurrency among corporations andindividuals continues to soar. Institutional investors are leveraging thepopularity of digital assets to venture into the space.
Moreover, ithas a fast transfer processing time and is available to users 24 hours a weekvia crypto wallets. For merchants, crypto payments provide them with theadded convenience that conventional banks cannot. As mentioned above,processing speed, security, and low fees greatly benefit merchants.
Going by therate that crypto payment is now preferred over fiat and corporations’interaction with the industry, it may have long-term implications for thefinancial sector.However, as the crypto market correction is still in force,the players’ enthusiasm is needed to reverse the downward trend.