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Mastercard Views Crypto More as Asset Class Than Form of Payment

News Feed - 2022-08-04 11:08:44

Mastercard Views Crypto More as Asset Class Than Form of Payment


Mastercard sees cryptocurrency as more of an asset class than a means of payment, according to the payments giant’s chief financial officer. Mastercard’s crypto strategy “has been fairly successful ever since crypto environments came up,” he added. Mastercard’s CFO on Crypto as Asset Class vs. Means of Payment


Mastercard Chief Financial Officer (CFO) Sachin Mehra shared his view on cryptocurrency in an interview published Tuesday by Bloomberg.


He was asked how successful Mastercard’s crypto strategy has been. “In the crypto world, we play the role as an on-ramp, with people using our debit and credit products to buy crypto. And we act as the off-ramp: When people want to cash it, we help them gain access to be able to use their crypto balances everywhere Mastercard is accepted,” he detailed, elaborating: That’s a revenue-generating capability which has been fairly successful ever since crypto environments came up.


The company previously explained that it has plans to develop products and services in three key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).


Mehra was further asked how much traction crypto assets can get as a true form of payment. “For anything to be a payment vehicle in our mind, it needs to have a store of value,” he replied. “If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 and tomorrow it’s going to cost you $9 and the day after it’s going to cost you a dollar, that’s a problem from a consumer-mindset standpoint.”


The Mastercard chief financial officer added: So we view crypto more as an asset class.


“But as a payment instrument, we think stablecoins and CBDCs potentially have a little bit more runway,” Mehra concluded.


In February, Mastercard expandedits payments-focused consulting service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.”


The payments giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company said it is bringing its payments network to web3 and NFTs. Tags in this story crypto asset class, MasterCard, Mastercard cfo, mastercard crypto, Mastercard crypto assets, mastercard cryptocurrency, Mastercard payment instrument, Mastercard store of value


What do you think about the comments by Mastercard’s chief financial officer? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Microstrategy Outperforms Every Asset Class and Big Tech Stock Since Adopting Bitcoin Strategy, Says CEO FEATURED | 9 hours ago South African Professor Accuses Central Bank Official of Spreading Misinformation That Damages Crypto Industry FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMicrostrategy Outperforms Every Asset Class and Big Tech Stock Since Adopting Bitcoin Strategy, Says CEO Next articleENS Domain Registrations Skyrocketed Last Month, Total Names Created Nears 2 Million Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


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