Michael Miebach – Chief Executive Officer of Mastercard – thinks it will take more time than expected for crypto to become mainstream.
However, he is optimistic that the asset class will become much more attractive to people once watchdogs impose appropriate regulations.
A Long Way to Go
In a recent interview, Mastercard’s CEO outlined that an increasing number of investors want to delve into the cryptocurrency market. The payment services giant allows them to do so “as easy and more importantly as safe” as any rival company, he added.
Miebach sees a future world where most consumers across the globe use bitcoin in their everyday transactions and settlements. Nonetheless, he believes this will not happen in the upcoming months:
“I think it’s a long way to go before crypto becomes mainstream.”
The exec outlined the lack of comprehensive rules in the industry as one of the main reasons that slow down the adoption. In his view, many people are unaware of how to enter the space and how to receive maximum protection on their holdings.
Miebach gave non-fungible tokens (NFTs) as an example, claiming that purchasing such products is a “clunky experience.” To make that process easier, Mastercard joined forces 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 Forays
Mastercard reiterated its positive stance on the industry in February by strengthening its crypto consultancy arm with over 500 college graduates and young professionals.
It teamed up with Nexo in April to introduce the first crypto card in Europe, allowing clients to spend without parting with their holdings.
The payment processing giant partnered with Binance in August to release a prepaid crypto card for Argentinean consumers. The product enables them to settle bills in digital assets in each domestic store or venue that accepts Mastercard.
The firm’s latest feature was designed to help banks battle cryptocurrency fraudulent cases. “Crypto Secure,” as is its name, employs “sophisticated” artificial intelligence algorithms to detect criminal activities, which is why it is particularly useful for financial institutions.
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