Mastercard's Product Roster To Expand With Self-Custody Wallet Firms Partnership

Mastercard Inc MA wants to team up with self-custody wallet firms such as MetaMask and Ledger, according to a Web3 strategy workshop presentation, reported CoinDesk. 

The company believes the payment card can assist wallet providers in increasing active users, building loyalty and generating additional revenue streams alongside spending their crypto balances. Mastercard and its issuance partners will also help wallet firms meet their resource demands while launching a card in a region.

Partner firms are likely to receive a set of franchise standards from Mastercard regarding consumer protection, price competition and transaction monitoring requirements.

Read Next: Mastercard's Sherri Haymond To Highlight Payments Revolution At Benzinga's Fintech Deal Day Event

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The payment giant wants to issue a card targeting the EU or U.K. as the first market for enabling consumers with a simple solution for smoother transactions without pre-funding, spending crypto or dealing with taxes.

Other Initiatives: Despite challenges in crypto regulatory frameworks, credit card networks such as Mastercard and Visa have been constantly looking to enhance their digital and crypto initiatives.

Mastercard’s product and solutions for the digital assets space, include the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program  and new card programs that connect Web2 and Web3. The company also enabled tokenization of CBDCs on different blockchains as part of a Reserve Bank of Australia digital currency project.

In similar moves, Visa extended its stablecoin settlement capabilities to the Solana blockchain in early September to modernize cross-border financial transactions.

Also Read: Economic Safari: Visa And Mastercard's Big Bet On Africa's Digital Wallets As E-commerce Growth Picks Up

Benzinga’s Future of Digital Assets conference in New York on Nov.14. Attend and learn more about how payment companies are looking to evolve in the rapidly growing crypto landscape. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

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