Mastercard and MoonPay have announced a new global partnership. The goal is to support stablecoin payments across Mastercard’s network. The companies plan to let businesses and consumers pay or receive payments in stablecoins.

According to the announcement, financial firms and fintech companies will be able to issue Mastercard-branded cards. These cards will connect to users’ stablecoin wallets. Cardholders can then spend their stablecoins in real time, Crypto.news reported.

Stablecoins Convert Instantly at Mastercard Merchants

At the point of sale, the stablecoins will be automatically converted to local currency. Payments will be accepted at over 150 million locations that support Mastercard worldwide.

The partnership uses technology from Iron, a stablecoin infrastructure platform recently acquired by MoonPay. Iron enables crypto wallets to act like digital bank accounts. It supports fast and efficient stablecoin transfers. These features can be used for international payments, disbursements, and business transactions.

You may find it interesting at FinanceMagnates.com: Mastercard Rolls Out Crypto Credential Solution in UAE, Kazakhstan.

System Aids Payments for Gig Workers

The companies said this system will help businesses send payments to gig workers, freelancers, and content creators. They also expect it to benefit people in underbanked areas and regions where remittance fees are high.

MoonPay’s platform connects with more than 500 crypto services. It reaches over 100 million users. Around 20 million wallets currently carry out stablecoin transactions each month. In total, 120 million wallets hold stablecoin balances.

Tokenization and Biometrics Enhance Security

Meanwhile, Mastercard plans to transform online shopping by 2030 by replacing physical card numbers and passwords with biometric authentication. This technology is currently being tested in key markets and is expected to become widespread soon.

The company aims to combine tokenization with biometrics to improve security and convenience during online checkouts. Mastercard notes that online fraud is higher than in-store, partly due to exposed card details.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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