Mastercard’s CEO Discusses When Crypto Will Become Popular
According to Michael Miebach, industry-wide regulations will ultimately lead to widespread acceptance.
Michael Miebach, the chief executive officer of Mastercard, believes it will take longer than anticipated for cryptocurrencies to achieve mass use.
Nonetheless, he is convinced that the asset class will become far more appealing to investors as watchdogs implement the necessary restrictions.
A Long Way to Go
In a recent interview, the CEO of Mastercard said that a growing number of investors are interested in entering the cryptocurrency sector. He said that the payment services giant makes this “as easy and, more importantly, as safe” as any competitor.
Miebach envisions a future in which the majority of people worldwide utilise bitcoin for routine transactions and payments. However, he feels that this will not occur in the future months:
“I think it’s a long way to go before crypto becomes mainstream.”
The executive cited the absence of clear guidelines in the business as one of the primary factors delaying adoption. According to him, many individuals are uninformed of how to join the sector and how to acquire the highest level of safety for their possessions.
Miebach cited non-fungible tokens (NFTs) as an example of a product for which purchase is a “clumsy experience.” To facilitate this procedure, Mastercard partnered with Coinbase in January:
“So we partnered with Coinbase to make it as simple as you buying coffee. I think these things need to click in, and then you have the building blocks for it to become mainstream.”
Mastercard’s Crypto Expeditions
Mastercard reaffirmed its bullish attitude on the sector in February by adding over 500 college graduates and young professionals to its crypto consulting arm.
In April, it collaborated with Nexo to launch the first crypto card in Europe, enabling customers to spend without selling their holdings.
In August, the payment processing giant collaborated with Binance to launch a prepaid crypto card for Argentine users. The programme allows consumers to pay their bills in digital assets at all domestic stores and venues that accept Mastercard.
The newest function of the company was developed to assist banks combat bitcoin fraud. As its name suggests, “Crypto Secure” utilises “sophisticated” artificial intelligence algorithms to identify illicit activity, making it especially beneficial for financial organisations.
