July 20th, Mastercard found that access to the Accelerate program was made easier for crypto card issuers that enable applicants to join as partners “within a few weeks”.
Currently improved for crypto card applicants, The Accelerate program offers partners support for their market entry, continuous growth and international expansion.
New partners receive support in integrating Mastercard technology and they will be able to benefit from the company’s expertise in cybersecurity and market research.
As you optimize access to your program, Mastercard insists that all partners must adhere to their “basic principles”.
they include solid consumer protection (Ensuring user privacy and security), Compliance with the relevant laws and regulationssuch as anti-money laundering regulations and Creating a level playing field for everyone involvedsuch as financial institutions, traders and mobile network operators.
Raj Dhamodharan, Executive Vice President for Blockchain Products and Digital Assets, and Partnerships with Mastercard, said:
“The cryptocurrency market continues to mature and Mastercard is driving it forward and creating secure experiences for consumers and businesses in today’s digital economy.”
Wirex becomes Mastercard’s first crypto partner with primary membership
Parallel to the approach to cryptocurrency card partners, Mastercard also announced the Wirex crypto payment processor, based in London, became the first native cryptocurrency platform to be awarded Mastercard Primary Member StatusYou can use this to issue crypto payment cards directly.
Thanks to this affiliation, Wirex card users can instantly convert their crypto holdings to fiat currencythat can be issued at points of sale that accept the Mastercard. The currency is therefore entered in the form of Fiat and not in the form of cryptocurrency in the Mastercard network.
Wirex CEO and co-founder Pavel Matveevstated that membership “represents a growing interest and recognition for the acceptance of cryptocurrencies by the most important organisms and regulators”. He added that the partnership with Mastercard will help the company achieve this “The vision of empowering everyone to experience a world in which all traditional currencies and cryptocurrencies are the same.”
Wirex is regulated by the UK Financial Conduct Authority and is licensed to issue cryptocurrency cards in Europe. Earlier this year, more than 3 million active users were reached, and it was found that more and more of them “are usually not regular crypto users”.
Before partnering with Wirex, Mastercard worked with the blockchain payment provider in June this year BitPay Launch of a prepaid card for cryptocurrency users in the United States