Mastercard Bitcoin Global Adoption?

[kaya11]

They've the hype now and maybe other companies alike will come and play the cards too. This will be a good time to invest and play along, I have sold some of the coins in my portfolio, I don't want to be in the middle of the big companies fight. Tesla is also posting, gaining a lot of attention to the market makes me think harder, we don't really matter in their eyes, look at how many money they're putting in, this is crazy.

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[so98nn]

It’s good they are increasing their portfolio by going out of the way. This will have mega change in the way world looks at bitcoin or crypto currency. If mastercard seriously bring this change into their payment system then all the government authorities from different countries will have to accept the crypto currency existence and uplift the bans if any.

Country like India where mastercard and Visa are leading payment processors so it would be unimaginable change the way RBI perceive crypto currency’s.

It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.

I assume KYC would be mandatory in that case but that’s fine since we get to enjoy bitcoin payments to Fiat instantly.

[SaShiRaJaVu]

Country like India where mastercard and Visa are leading payment processors so it would be unimaginable change the way RBI perceive crypto currency’s.

It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.

With rumors spreading about complete ban in India it is the right moment to hear these positive news, first Tesla investing $1.5 billion in bitcoin and Tesla is launching their business in India as well this year and now Mastercard adopting bitcoin and other cryptocurrencies will force any government to think twice before making any blunders.

I assume KYC would be mandatory in that case but that’s fine since we get to enjoy bitcoin payments to Fiat instantly.

It is already mandatory to fill in your KYC if you are holding a bank account.

[AicecreaME]

I think Mastercard would just adopt those stable coins. They didn't release the list of coins that they would accept to begin with. Meaning to say, it's still uncertain if bitcoin would be one of it. Since for sure, they would require some sort of KYC and other form of verification just to make sure there's no money laundering happening over their platform.

In addition, strict compliance would be mandatory for users most likely. The transactions that their system would detect to be suspicious would not be confirmed and processed, just like any other platforms do whenever they detect something wrong or against their terms an conditions.

[michellee]

It seems Mastercard does not want to be late to integrating their system to blockchain. As their competitor did, Mastercard wants to be a bridge for their customer to buy crypto or use crypto as the other payment systems. Yes, it can attract many merchants and businesses to be curious about that and try to use it for their business.

MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.

[bits4books]

But why BTC? For use "For every day" it is absolutely not suitable. You don't wear a custom-made holiday tailcoat every day, do you? That's exactly what no. BTC is not suitable for daily card payments simply because it is not designed for such a large number of transactions. It is too slow, inconvenient, and very expensive for regular payments. Better Litecoin or even BCH (sorry) for such purposes than BTC honestly.

[Noctis Connor]

In past few year they talking about this kind of adopting bitcoin since some of business are accepting bitcoin with generate codes where you can send your payments, and i think this could be a competition between bank and bitcoin currency and it will be a massive adoption into it others are planing to build an atm where also you can easily withdraw money around the world and some others says it is not suitable because it was decentralize., if this happen maybe bitcoin will be centralize and the hype wil be gone for good.

[oHnK]

In past few year they talking about this kind of adopting bitcoin since some of business are accepting bitcoin with generate codes where you can send your payments, and i think this could be a competition between bank and bitcoin currency and it will be a massive adoption into it others are planing to build an atm where also you can easily withdraw money around the world and some others says it is not suitable because it was decentralize., if this happen maybe bitcoin will be centralize and the hype wil be gone for good.

If the Bitcoin adopted by mastercard is changed to centralized then I agree that the hype will disappear.  Basically Bitcoin is needed because it is decentralized and is against inflation.  If mastercard changes it then in the future the pure value of Bitcoin will no longer exist.  Bitcoin is no different like any other fiat.  I will leave it if that happens. Because, if like that. I prefer invest in any other choice to Bitcoin. According to me, Mastercard will not change it to be centralize. Just 20% probablity, and it will need more regulation for set any rules for Bitcoin.

[beerlover]

It seems Mastercard does not want to be late to integrating their system to blockchain. As their competitor did, Mastercard wants to be a bridge for their customer to buy crypto or use crypto as the other payment systems. Yes, it can attract many merchants and businesses to be curious about that and try to use it for their business.

MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.

Half is a very optimistic approach, nobody really does anything to please the half of their customer base because if there is anything that is even remotely close to 10% they would already do it, nothing would wait as high as half of the customers because it will be already done by that point.

I believe even 1% of all mastercard deals to be done via crypto, and not really have a certain on-chain change but more about off-chain change, so mastercard who holds all the crypto, and just change the ownership of that crypto on paper but not on chain right away, could turn crypto into something that could be used all around the world, for very cheap and you will not be charged a lot of money until you decide to withdraw your crypto, and this would remove all the "bitcoin and ethereum has high transaction fee and very slow" problem as well which is a great news.

[vintages]

It's all getting confusing.

Some websites say it's stable coins, while others say it's Bitcoin. However, according to Mastercard newsfeed, they stated it's stablecoin and even "not all of today’s cryptocurrencies will be supported on their network.

It's surprising, some headlines and articles from some websites are just misinforming people. This same news has caused the price of Bitcoin to pump. Imagine the reaction when some people find out it's actually stablecoins and not Bitcoin.
Moreover, I am not a fan of this, their statement is too uptight for users. Too much restriction.

[verita1]

Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.

We did it! Be proud that we are a community that has power.
Our interest in cryptocurrencies allowed this change, the statistics of Visa and MasterCard said that we bought bitcoin and crypto and made them react. Why do we need a credit card when we have a dapps and a business that accepts payments in crypto? We are disrupting all the money.

[aesma]

But why BTC? For use "For every day" it is absolutely not suitable. You don't wear a custom-made holiday tailcoat every day, do you? That's exactly what no. BTC is not suitable for daily card payments simply because it is not designed for such a large number of transactions. It is too slow, inconvenient, and very expensive for regular payments. Better Litecoin or even BCH (sorry) for such purposes than BTC honestly.

An even simpler comparison is gold or silver. These metals used to be used as currencies, either in small chunks or even powder, or more commonly in coins. Still, there weren't very practical, as their value was high, so you wouldn't buy your food with gold or silver. With bitcoins you can go down to satoshis so at a glance it seems more useable, but considering the transactions costs and the time it takes, it isn't, really.

[2double0]

Mass adoption for btc payments? Now when the fee is huge?
Why will MasterCard let its users pay huge to transact in crypto when they are already processing more than 5000 transactions per second on their own while we need to wait days even after paying >$2 in fee to reserve a place in the nearest block?

[michellee]

Half is a very optimistic approach, nobody really does anything to please the half of their customer base because if there is anything that is even remotely close to 10% they would already do it, nothing would wait as high as half of the customers because it will be already done by that point.

I believe even 1% of all mastercard deals to be done via crypto, and not really have a certain on-chain change but more about off-chain change, so mastercard who holds all the crypto, and just change the ownership of that crypto on paper but not on chain right away, could turn crypto into something that could be used all around the world, for very cheap and you will not be charged a lot of money until you decide to withdraw your crypto, and this would remove all the "bitcoin and ethereum has high transaction fee and very slow" problem as well which is a great news.

Maybe for the first year, reaching 10% of the total members will be good as a start, so they can work hard to introduce crypto to all of their members. In the next two years, they can increase the number of members who will use crypto, besides the other payment. MasterCard and Visa are optimistic that what they did can give them benefits, not just for their members.

Besides that, I think MasterCard and Visa already learn the details of the crypto to know what strategy or approach they can do to make their member satisfy. It is a good step for them, and we will see what happens to them later, but it gives a new hope that more companies will accept crypto.

[TedMosby]

how about countries that have already banned cryptocurrency as a medium of exchange?
IMO, maybe they will develop a stand-alone centralized app for cryptocurrency where their card and service can be connected.
More like a crypto exchange to-go, I think.
However, I don't think they will act as a provider of crypto payment gateway service for this.
In my country, a local crypto exchange can take 1% for the fiat withdrawal fee. If they offer a better rate, it could be good for crypto users.

[Kakmakr]

The Credit card companies are trying everything in their power to retain their market share. They decided to stop all payments to Pornhub and all it's affiliated sites and that will take a huge chunk of their business. Covid-19 also dug deep into their profits, because people spend less and a lot of people lost their jobs.

This is a "survival" decision and not something they wanted to do, so I will predict that it will stop supporting Bitcoin payments..once the whole Covid-19 thing has blown over. 

[mannybitcoins]

In December 2020, Visa published a white paper proposing a new approach to offline payments between two devices, touting it as a simulator for central bank digital payments.

Mastercard is actively working in this direction by creating a virtual testing platform to help central banks evaluate and study national digital payment systems.

[Coinsfera]

On February 10 Mastercard released news report on their website claiming that they are working on adding cryptocurrencies onto its network.
We don't know exactly how this will look like but it is big change for them that will require a lot of work and adding support for selected coins as they clearly state they will not support all cryptocurrencies.
What we know from Mastercard requirements is that there will be strict compliance protocols and KYC with protection from money laundering and only regulated coins will be supported.
Positive thing: Many merchants and businesses will be able to use and accept Bitcoin payments very easy resulting in mass global adoption and billions of potential users.
Negative thing: They will surely use some centralized system with possible ban for any suspicious transactions, and they will probably hold private keys for any coins on their network.

As you stated, this kind of action by payment services will provide additional demand for Bitcoin. This demand will bring add more value to Bitcoin. We should not forget that when PayPal introduced its cryptocurrency services, people began to think of Bitcoin as a valid payment method. As the companies continue to do similar actions it will serve global adoption of Bitcoin. The negative side is that users will not have their keys. It is major problem. Also, some other companies will use the name of Bitcoin to become famous and use it for their own interests.

[bits4books]

But why BTC? For use "For every day" it is absolutely not suitable. You don't wear a custom-made holiday tailcoat every day, do you? That's exactly what no. BTC is not suitable for daily card payments simply because it is not designed for such a large number of transactions. It is too slow, inconvenient, and very expensive for regular payments. Better Litecoin or even BCH (sorry) for such purposes than BTC honestly.

An even simpler comparison is gold or silver. These metals used to be used as currencies, either in small chunks or even powder, or more commonly in coins. Still, there weren't very practical, as their value was high, so you wouldn't buy your food with gold or silver. With bitcoins you can go down to satoshis so at a glance it seems more useable, but considering the transactions costs and the time it takes, it isn't, really.

That's it. Humanity always strives for the convenience and speed of performing routine tasks. And BTC can not be called fast and convenient. It's like if you wanted a burger, but instead of buying it, you went to raise a cow and bread with vegetables.

[bits4books]

Mastercard has  started to develop so that it can accept transactions using bitcoin, it's just that it is currently still in trouble and it seems that it has not yet been launched, when bitcoin can be purchased using mastercard it will increase demand and use meaning the price is potentially very expensive. I think transaction fees when buying bitcoin using Mastercard are still an important issue that has not been resolved.

For MC, it will simply not be profitable to keep a part of the transactions on itself, simply because it will be TOO expensive. And it is expensive for the end user - pay a commission in btc for the transaction, then pay a hidden commission in the MC directly, and then the recipient of the payment will pay these two commissions + acquiring, and this already looks like an absurdity, rather than something adequate.