#VISA BUYS CURRENCY CLOUD OFFLINE#
However, the company is doing research in this area and recently proposed an offline CBDC payment solution. Meanwhile, the Visa CEO recently spoke about the potential to support stablecoins and central bank digital currencies, but it did not sound imminent. Visa’s technology approachīy comparison, Visa has more card relationships with cryptocurrency firms, including Coinbase, and BlockFi. These include Wirex, BitPay, LVL and Uphold. It has multiple partnerships with cryptocurrency companies where the cryptocurrency exchange converts between fiat currency and crypto. While Mastercard might limit the natively supported currencies, it provides cards to enable people to buy and sell cryptocurrencies. Separately during an earnings call at the end of January (transcript below), Mastercard CEO Michael Miebach touted its central bank digital currency test platform. Additionally, Mastercard said currencies have to include consumer protections and Know Your Customer protocols to avoid illegal activities. Even then, to be added to the network, a currency needs to be legally compliant. The news referred to cryptocurrencies, but a closer reading of the blog post clarifies that it plans to support stablecoins natively because they are less volatile. Mastercard’s focus on stablecoins and CBDCĬoming back to the Mastercard announcement, “This change may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option,” says the Mastercard post. And PayPal has gone all-in and provides a cryptocurrency wallet, with Paxos handling the technology. So far, Visa is taking the B2B2C route when it comes to cryptocurrencies, so not natively supporting them for consumers as yet. Both Visa and Mastercard are happy to have their cards used as cryptocurrency on and off-ramps via branded cryptocurrency exchange cards. Mastercard is keen to embrace compliant stablecoins and central bank digital currencies (CBDC) sooner rather than later but seems keen to avoid directly touching cryptocurrencies.
We briefly contrast the approaches of the big payments firms. So cardholders can choose to pay with stablecoins. Yesterday Mastercard published a blog post in which it said it would natively support digital currencies on its network this year.
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