The world is going into another ear of payments that involves coins but this time, they are online. Mastercard recently agreed to support cryptocurrency payments. The company laid out its plans and has begun to carry them out, hoping to achieve its aim later in the year.
Everyone is welcome to be a part of the establishment, you just have to abide by the rules. The financing services firm is preparing to onboard some currencies that meet its criteria around security and compliance. On the same note, this will allow many retailers to accept crypto as a means of payment.
cryptocurrencies will need to implement strict compliance measures, including “Know Your Customer,” which put simply is the customer verification process used by the financial services industry. They must also adhere to local laws and regulations in the regions they operate in.
“This is a big change that will require a lot of work. We will be very thoughtful about which assets we support,” Dhamodharan adds. Mastercard’s decision to fully embrace crypto follows in the footsteps of fellow payments firm PayPal.
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