Payments giants Visa and Mastercard have shelved plans to integrate cryptocurrencies after a string of bankruptcies rocked the industry in 2022, according to Reuters.
Events in the industry have led to increased attention to it from the supervisory authorities, said the sources of the agency. Payment companies intend to wait for improvement in market conditions and the regulatory environment.
He clarified that this does not mean the company abandons the strategy in the field of digital assets.
A Mastercard spokesperson said the firm remains focused on the underlying blockchain technology and its possible application to improve the efficiency of existing systems.
The company during 2022 implemented a number of projects for the issuance of crypto-currency cards, including cooperation with Nexo and EurocoinPay. The firm has taken part in NFT initiatives, including a partnership with Miami. In October, Mastercard announced a solution for banks to access cryptocurrencies through the Paxos platform.
Visa has also supported the issuance of cryptocurrency cards by companies such as Coinbase, bitcoinblack and Blockchain.com. As an official payment partner of FIFA, the company presented a collection of NFTs on the Crypto.com platform for the World Cup.
In early 2023, the company confirmed plans to integrate stablecoin settlements on its platform and signed a strategic partnership with Wirex.
A spokesman for another major payment card issuer, American Express, said the company does not see cryptocurrencies as a strategic priority in the near term.
In June 2022, Gonzalo Pérez del Arco, director of government relations at American Express in Southern Europe, voiced a similar position. But he noted that the company is working towards the use of digital assets in payments.
Source: bitcoinlinux.com
