Visa vs. Mastercard: Who will win the competition for full encryption integration?
- Mass adoption This has led many industry giants to include cryptocurrency in their future roadmaps.
- Global payment giant Visa (New York Stock Exchange:) and MasterCard (New York Stock Exchange:) They are all at the forefront of the financial field because they are all proposing new developments.
- Visa plans to acquire cross-border payment provider CurrencyCloud, and MasterCard decides to merge USDC There are signs that both companies are friendly to cryptocurrencies.
- Users and analysts applauded the decision, saying it makes the lives of cryptocurrency holders easier.
This year is awash with news of the rapid adoption of Bitcoin and other cryptocurrencies by institutions. Together with legal currency, digital assets have entered an area where traditional finance has long dominated.
Currently, large companies are vying for the title of “most friendly to cryptocurrency”. Cryptocurrency will continue to exist, and its large-scale adoption has resulted in cities competing to be more friendly to cryptocurrencies than others.
Mastercard and Visa are global payment giants that are changing the industry by allowing people to make international payments digitally. These giants are now gnashing their teeth on policies that are friendly to cryptocurrencies.
Visa acquires CurrencyCloud
Visa has revealed that it plans to acquire CurrencyCloud, a global cross-border payment provider based on RippleNet.
Visa valued CurrencyCloud at more than US$960 million and already owns a substantial stake in CurrencyCloud. CurrencyCloud has been successful so far, with more than 500 customers, because it helps banks and other financial companies perfect cross-border payments.
The purpose of the cooperation between Visa and CurrencyCloud is to reach out to new partners and users through its platform and to promote larger-scale global operations. CurrencyCloud operates in more than 180 countries/regions, and Visa can take its operations to a new level.
Visa has also cooperated with 50 platforms to increase crypto payments, and its crypto-related card usage exceeded $1 billion in the first quarter of this year.
Mastercard will be included in USDC for encrypted payments
Mastercard announced its first stablecoin, which will be used as a bridge for customers who make cryptocurrency payments.
Most cryptocurrency companies successfully convert cryptocurrencies into legal tender, and this is where Mastercard comes in. By incorporating stablecoins, exchanges become easier and customer satisfaction is ensured.
USDC will be the first stablecoin deployed by MasterCard to fulfill its promise five months ago. Making it easier for customers to pay from their wallets through stablecoins is a good thing, as their value is usually equivalent to U.S. dollars.
on the other hand
- Blockchain-based payment solutions, such as star Will cause problems for Visa and Mastercard, because they already have a solid foundation in encryption.
- The current scrutiny of stablecoins may cause problems for MasterCard, as regulatory policies are still a lingering threat to cryptocurrencies.
What does this mean for interested parties?
This move made the financial giants tit-for-tat, as each of them worked hard to make the trading life of cryptocurrency holders easier.
This year, every transaction-based cross-border payment giant has taken action to expand its scope of influence through encryption technology. MasterCard is currently negotiating with Evolve and Metropolitan Commercial Bank to issue encrypted cards to customers.
Visa’s encryption drive gained momentum this year because they set up 5 keys, which are about to be realized. It is difficult to predict who will lead because they are all in a leading position.
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