MasterCard tokenized 30% of transactions in 2024

MasterCard tokenized 30% of transactions in 2024 and recognized stablecoins and other cryptocurrencies as emerging competitors in the payment sector.

MasterCard A announcement that he tokenized 30% of his transactions in 2024, marking a major step in his efforts to integrate digital assets in his payment services.

The company also said that it had collaborated with several crypto platforms to allow consumers to buy cryptocurrencies using their cards and spend them wherever Mastercard is accepted.

In addition, the company has recognized the growing influence of stablecoins and other cryptocurrencies such as key competitors in the payment industry. He stressed that as regulations around crypto Continue to evolve, digital assets like stablecoins could see increased adoption due to their accessibility, immutability and efficiency.

The embrace of the traditional finance crypto

Traditional financial service providers like Mastercard increasingly integrate crypto into their offers. In 2021, Visa, a major competitor of Mastercard, began to accept USD Coin (USDC), a stablecoin, to settle transactions on its network. The company has also associated itself with Crypto.com to integrate its cryptography services into the standard visa settlement process.

This growing adoption of the crypto is not limited to financial services for consumers. There is also significant progress at the bank level.

In October of last year, visa presented It is Visa tokest assets platformA product designed to help banks emit and manage fat back tokens on blockchain networks.

The potential advantages of the platform include the automation of complex financial processes, such as credit lines, and the facilitation of real-time transactions with tokenized products. BBVA, a major partner, tested the platform and plans to launch a pilot program in 2025 using the Ethereum blockchain.