Instead of all the drama, as reports show, payment giants Mastercard and Visa are still approving new debit card deals with crypto startup firms globally.
Significantly, both Mastercard and Visa are controlling the digital payment system in the crypto ecosystem. The duopoly is forging new debit card partnerships with crypto firms even as government authorities supervise the industry.
The payments giant was able to obtain partnerships with crypto companies as they gained access to new sources of income. In return, crypto companies get access to payment networks worldwide.
Mastercard, Visa Payment Gateway Service
Many crypto companies are collaborating with these payment giants. Below are some examples of crypto firms partnering with Mastercard and Visa to grow their payment networks.
Bit2me is the largest Spanish crypto exchange where we can buy over 150 cryptocurrencies. Recently, in February, the platform launched a Mastercard-powered debit card offering a cashback of 9%, the highest currently providing cashback in the crypto market globally.
As reported by Bloomberg, ETH, USDT, DOT, XRP, ADA, B2M, BTC, and SOL are the eight cryptocurrencies the card works with, which can be linked to the wallet.
Learn more about Bit2Me here.
Bitso is Latin America’s leading crypto-based financial services company. The platform allows you to buy and trade over 45 cryptocurrencies, including Bitcoin, Ether, Dogecoin, Bitcoin Cash, Polkadot and many others.
Bitso also launched a Mastercard debit card this month in Mexico City, offering many crypto rewards on purchases of cryptocurrencies. According to the company, more than 1 lakh users have already made their accounts to examine the product.
Learn more about Bitso here.
Bybit, a crypto exchange founded in 2018 and headquartered in Dubai, is considered the world’s third-largest visited crypto exchange. The platform proudly announced the launch of the Bybit card, a debit card powered by the Mastercard network and issued by Moorland.
Reportedly, for now, Bybit has launched its free virtual card for online purchases, and the platform aims to launch its physical card in April this year. In the starting phase, Bybit cards will be available for selected blue chip virtual currencies such as BTC, ETH, USDT, XRP and USDC.
Learn more about Bybit here.
Gate.io, established in 2013, is in the top 10 crypto exchange platforms list. It is a one-stop-shop digital asset exchange platform covering millions of users throughout the world. The platform offers the trading of more than 1,400 cryptocurrencies safely, quickly and easily.
Gate Group, the firm behind Gate.io headquartered in Lithuania, announced this month the launch of the Gate debit card in collaboration with Visa. It will allow users an easy and safe way to seamlessly change and spend their virtual currency in the real world.
Learn more about Gate.io here.
Meanwhile, Mastercard and Visa reported that they are still monitoring the companies and paying attention to regulatory developments.
According to a spokesperson of Visa, The work of Visa is to support a range of payment methods and study new technologies that could impact the future of payments.
MasterCard has earned an additional amount by charging fees by partnering with crypto firms. Whenever a user uses a crypto debit card, a small transaction fee is taken out of the user’s wallet and goes to MasterCard.