Mastercard partners with these companies to expand cryptocurrency payment card program

Mastercard will expand its cryptocurrency payment card program by seeking larger partnerships with crypto firms. Notably, Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini for crypto-linked exchange cards in some countries. Binance Card allows customers to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.
Banks have become wary of crypto customers following the collapse of several large crypto firms last year, including the bankruptcy of major exchange FTX. In March, the US Commodity Futures Trading Commission sued Binance, accusing it of operating the world's largest crypto exchange. Binance CEO Changpeng Zhao said that the complaint contained false facts.
Some banks, including Santander and NatWest, limit the amount of money UK customers can transfer to cryptocurrency exchanges to protect customers from scams and fraud. In November, rival Visa terminated its global credit card agreement with FTX.
American Express said in 2021 that it would consider using crypto to redeem reward points. However, in February this year, American Express refused to accept crypto as its primary payment service.
When asked if Mastercard is considering banning money that can be transferred to crypto exchanges using its payment network, Dhamodharan said, "We are not here to pick winners."
We are not here to choose which transactions should happen or what should happen. He said that users of Mastercard's network go through several checks. He further informed that the company has invested in crypto analytics technology.