Mastercard, the world’s second-largest payment-processing company, is making a significant move into the crypto and blockchain technology space. This is through the expansion of its Engage programme.
In a recent press release, Mastercard announced the expansion of its Engage programme. This will enable multiple crypto firms to harness the power of the credit card giant’s extensive global network.
Accelerating Product Innovation with Mastercard Engage
Under its new track, Mastercard Engage offers businesses the opportunity to swiftly launch and scale products that drive the Web3 economy. With this, the credit card giant aims to simplify the collaboration process with partners. It also aims to expedite time-to-market for product innovation by providing access to its global network and expertise.
Mastercard’s Engage programme will now focus on digital asset. Further, they are seeking potential partners who can introduce new crypto card programs to the market. The company also plans to facilitate crypto-to-fiat conversion capabilities through these partnerships. This initiative is expected to improve accessibility and collaboration among various companies within the crypto value chain.
Additionally, with the Engage programme, Mastercard aims to foster innovation and promote the widespread adoption of digital assets within the financial industry. This strategic move aligns with the recent entry of traditional financial firms into the crypto space. Notably, this signals a growing interest in leveraging the potential of cryptocurrencies.
Crypto Payment Companies Joining Mastercard Engage
Mastercard has disclosed the names of several crypto payment companies that will join its Engage program. These companies include Baanx, Credential Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimited.
By joining forces with Mastercard, these firms gain access to a well-established brand and can realize their ambitions at scale. All these will be done while ensuring the safety and security of their customers.
Raj Dhamodharan, Executive Vice President of blockchain and digital asset products at Mastercard, expressed his optimism.
He stated,
“The expansion of Mastercard Engage’s network will allow various players, not just within the crypto asset ecosystem, to join the Mastercard brand. It will allow us to realize our ambitions at scale while being backed by the safety and security of our customers.”
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