MasterCard has confirmed plans to rope in payments via cryptocurrencies within this year.

 According to a post via www.financemagnates.com, they are in tune with cryptocurrencies getting widely usable and acceptable. They are forming a significant portion of the financial sphere we thrive in today.

Raj Dhamodharan, MasterCard EVP Blockchain and Digital Partnerships cite a four-pillar approach to the whole project:

• Consumer protection and privacy
• Regulatory compliance, mainly KYC
• Adherence to local jurisdictions
• Reliable spending avenue, away from investing ones

MasterCard will pull more focus into protecting consumers in light of selecting the best digital currencies they can accept as payments.  So not every currency listed out there will go into the whitelist. Already, the groundworks to integrate several credible ones are ongoing. Into finer details are already existing partnerships between MasterCard and two significant actors: Wirex and BitPay.

The key pillar is a more focus on Stablecoins and the utmost best-regulated blockchains out there. Consumer protection and their security remain a sensitive area for MasterCard as they explore the possibilities. And it’s within the bare minimums of KYC intending to strike off illegal actors there-between.

Already, 89 patents are secure, with more than 280 progressing on with the approval procedures.

Also, MasterCard is keen to follow the upcoming area – the CBDC’s. And are engaging a significant number of Central Banks around the globe towards that. It’s in the faith that CDBC’s will open up the multiple arrays accessible to any global citizen to make payments.