The world’s leading digital payment giants Mastercard and Visa crypto- reportedly halted its development. A Reuters report, citing its sources, said that US payment giants are not pursuing new partnerships with crypto companies to provide crypto payment solutions. The report came amid the deepening crypto winter.
Visa and Mastercard Postpone Crypto Plans
In recent crypto news, people familiar with the matter revealed that payment giants Visa and Mastercard are pushing the launch of crypto-related services, at least until market conditions improve. The digital payment giants are also waiting for the regulatory scrutiny in the crypto market to ease before launching their services.
VisaA spokesperson for Cryptocurrency said the recent collapse of high-profile companies in the cryptocurrency industry is a reminder that we still have a long way to go before crypto becomes a mainstream tool for payments and financial services. However, the spokesperson added that this does not mean that they have changed their overall strategy and focused on cryptocurrencies.
Mastercard Tries to Focus on Blockchain
MasterCard The spokesperson stated that they will continue to focus on blockchain, the core technology of crypto. However, he said they will use it to solve current problems in the financial sector and to build more efficient systems. Last year, Mastercard announced a partnership with crypto lender Nexo to launch the world’s first “crypto-backed” payment card.
American payment card company American Express also announced in 2021 that it would use crypto as a possible option to redeem reward points in the future. However, the company does not currently consider crypto as one of its priorities. With the crypto market tumbling down as large and high-profile companies crash, the mainstream plans for crypto seem murky.