Mastercard Launches Global Money Platform for Crypto Payments

Mastercard and BVNK launched the Global Money Platform on October 15. This system is aimed at banks, digital financial companies, and large enterprises that want to combine payments in fiat currencies and digital coins. Customers can spend their balance in stablecoins via a Mastercard on the existing payment network, without requiring stores to accept crypto. Businesses can allow customers to exchange, spend, or transfer stablecoins to a bank account. The service is available for BVNK's business customers, but not yet for every Mastercard user. The platform offers companies the ability to provide accounts with both fiat currencies and stablecoins. Users can exchange and spend their balance with a linked Mastercard on Mastercard's global network. Card issuance is available in over 130 countries, but stores do not receive stablecoins; it remains a regular card payment. Additionally, businesses can receive, hold, and send money via the platform, with payments that can start in either fiat currencies or stablecoins. Mastercard expects this payment route to support more than 40 currencies in over 200 countries by 2027. The platform works with more than twenty blockchains and payment networks. The Global Money Platform is now available through BVNK, with Nuvei and Marqeta as the first integrators.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.