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    MasterCard dedicated to bringing cryptocurrency to the network

    news thumbnail image

    MasterCard is working alongside banks and authorities to successfully incorporate crypto payment solutions.

    In the past few years, the online gaming industry has grown from strength to strength. One of the biggest areas that have been a primary focus has been the payment sector.

    Apart from an increase in safety measures, there has also been more focus on bringing in more variety in payment methods.

    Crypto on the rise

    The rising star of the iGaming industry's payment methods has been cryptocurrency. In the grand scheme of things, cryptocurrency has been on a rise for the past few years but more recently started breaking through as a viable, accepted payment method.

    Another massive accomplishment for the cryptocurrency is that this digital asset recently became part of the MasterCard network.

    There has been a massive surge in people making use of their cards to purchase crypto assets, which has also resulted in a rise in value for Bitcoin.

    Many are taking advantage of crypto cards to access their assets and convert them to traditional currency for spending.

    It is clear that crypto and payments are slowly but surely combining into one. As one of the leading payment providers, MasterCard has already announced its planned support for cryptocurrency via its select networks.

    It is a big change with lots of work required, especially as MasterCard plans to carefully consider which digital currencies they plan on supporting. The idea is to make sure it falls in line with their current principles for digital currencies where the primary focus is consumer protection and compliance.

    The main idea is not to force any users into cryptocurrency but to allow customers, merchants, and businesses to move digital value as they please.

    MasterCard’s 4 key items

    These key items include consumer protection which will include privacy and security of consumer information. The goal is to get this at the same level of security users expect in terms of credit cards.

    Then there are the strict compliance protocols that are needed such as the Know Your Customer (KYC). It is needed in order to determine any illegal activity and deception in payment networks. On top of this, digital assets have a requirement to follow local laws and regulations in the regions they are used.

    MasterCard has already teamed up with Wirex and BitPay in the past year for the creation of crypto cards allowing people to make transactions using cryptocurrency. On top of this, MasterCard is actively working with several major central banks around the world as they review their plans to launch new digital currencies. The latter has been dubbed as CBDC's and will be a new way of payment.

    Bitcoin casinos and payment methods

    Cryptocurrency has become more popular and has slowly but surely made its way into the online gambling industry.

    Today there are various bitcoin casinos and online operators accepting cryptocurrency as payment. While the number of these casinos are not on par with traditional currency casinos, the growth is phenomenal, and popularity is increasing.

    In the past few weeks, there has been a spotlight on cryptocurrency with more starting to invest and more operators focusing on providing an experience fit for crypto gamblers.

    The primary reason Bitcoin casinos are so popular is their anonymity. Of course, this has been a bit of a frustration for regulators as there is more struggle to enforce regulations and restrictions. With that being said, the new attempt to regulate this payment method and ensure player safety is looking up.

    There are various high-quality Bitcoin casinos available online providing players with safe gameplay and provable fair games.

    Published: March 4, 2021

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    Article by Stelly

    CasinoWow Contributor

    Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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