The chief executive officer of giant Card payment processor company MasterCard says that it will take more time to see cryptocurrencies use in people’s daily life.
MasterCard is a popular card (debit & credit) payment processor company, which is headquartered in New York. The main business of this company is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand cards.
On 6 November, Michael Miebach, Chief Executive Officer of Mastercard, appeared in an interview with Yahoo Finance. In the interview, he talked about the future of cryptocurrencies & the leading factor which can push crypto adoption in the world.
Michael outlined that huge numbers of customers want to dive into the crypto space as Investors and also his company allows them to safely deal with crypto assets, in order to remain leading companies in the financial world over the rival companies.
MasterCard CEO sees a future where people will use cryptocurrencies or Bitcoin transactions in daily life for their every kind of payment to buy daily life goods & services but at the same time, he believes that we have to wait for a long time because it is going to take a huge time to see high scale adoption.
“I think it’s a long way to go before crypto becomes mainstream.”
Michael also explained the main reason behind the slow crypto adoption rate and said that the crypto industry is lagging in adoption because of the lack of proper regulatory rules & policies, where investors & users can feel full safety.
He also pointed out that concepts of NFTs may play an important role in the cryptocurrencies use. To bring Crypto supported fast payment services, MasterCard teamed up with Nasdaq-listed popular crypto exchange Coinbase, he said.
“So we partnered with Coinbase to make it as simple as you buying coffee. I think these things need to click in, and then you have the building blocks for it to become mainstream.”