The vice president of MasterCard digital assets product shared his thoughts on possible ways to push crypto adoption in the practical use case.
MasterCard is a giant Card payment processor company, which provides services in around 200 countries. In the present time, almost every Card payment processor company is working to expand services to the crypto & blockchain industry to sustain the future.
Recently Raj Dhamodharan, executive vice president of Digital Asset and Blockchain Products & Digital Partnerships at Mastercard, talked about the Cryptocurrency’s role in the financial sector & need for traditional financial companies in the crypto sector.
Dhamodharam said that future payment systems will rely on crypto, where people will use Crypto Cards to spend money for daily life goods & services. But at the same time, he emphasized the need for development works in at least 5 key areas.
In the priority place, Card payment processor companies should act as a middle actors between the Crypto sector & traditional financial sector. MasterCard official indirectly talked about the need for collaborative development works between Crypto companies & traditional banking service providers.
MasterCard official also emphasized the other additional significance of traditional banking services providers. According to him, Card payment processor companies may help to provide a better ecosystem for the cryptocurrencies to use under a complaint based system. So indirectly MasterCard official pointed out the unclear regulatory policies, which are prohibiting crypto adoption.
Further MasterCard official talked about the need for third-party trusted services, like Stablecoin Issuer companies, to make the conversation of crypto to fiat or vice versa easily.
In the last, Dhamodharam emphasized the need for development & enhancement work of the NFTs & Metaverse based services, where people can enjoy the real next-level virtual reality experience. And also he talked about the need for a better payment system in Metaverse & NFTs, on which MasterCard is already working.