Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said during Tuesday’s Fortune Global Forum conference. He also cited a lack of knowledge about who is behind the cryptocurrency as concerning. “I am not a believer in the volatility or, for that matter, the absence of transparency in who is the person who’s involved with that currency. So, that’s why central bank digital currencies, we’re believers in.” Banga also revealed that Mastercard has a significant patent library relating to CBDCs, which may help explain why he's so positive towards them. Asked …

A fintech company says it is determined to offer decentralized finance services that are “regulated, responsible, trustworthy and innovative.” Nexxo’s focus is to offer commercial banking services and to support under-serviced small businesses that are not big enough to secure finance from traditional banks. Research cited by the company also suggests that more than 260 million small businesses are struggling to access commercial banking services and financial support that can help their ventures flourish and grow. According to the network, 44% of small businesses are denied credit because they don’t have any collateral assets. A further 19% are turned down …

Wirex — the first cryptocurrency platform to be granted a Mastercard principal membership — will release a new multi-currency card on the heels of the membership. Wirex is a London-based crypto payment processor and is regulated by the U.K.’s Financial Conduct Authority, with a license to issue crypto cards in Europe. The multi-currency Wirex Card will be supported by Mastercard and linked to 19 crypto and fiat currency accounts in the Wirex app. An official release date has not yet been announced. In a bid to encourage the use of cryptocurrency for everyday payments, the company is also upgrading its …

Mastercard announced on Wednesday the release of a proprietary tool targeted to central banks that wish to test their Central Bank Digital Currency, or CBDC. Over 70% of central banks are entertaining the idea of a digital currency in some form, a Bank of International Settlements report noted. While few have moved into actual concept and experimentation, the tool released by Mastercard aims to make testing simpler. The tool simulates various types of transaction environments to let central banks evaluate CBDC use cases. It mimics the issuance, distribution and exchange of CBDCs between banks, financial services companies and consumers. Mastercard …

Financial services giants Visa and Mastercard have shown an increased interest in the trillion-dollar digital payment sector through their recent acquisitions of innovative fintechs. In January this year, Visa acquired fintech firm Plaid for $5.3 billion. The San Francisco-based firm enables data sharing of financial information between different fintech apps like Venmo and Chime, supporting over 2,000 financial institutions. As such, the acquisition could strengthen Plaid’s global wire transfer capabilities. Mastercard has also made some major fintech acquisitions. In June this year, the payment giant announced plans to acquire financial data aggregation startup Finicity for $825 million. Mastercard’s announcement states …

MasterCard's Singapore-based subsidiary filed a patent with the U.S. Patent Office detailing a payment system for using hardware devices that specifically mentions Iota's (MIOTA) Tangle technology. The patent claim, published on Aug. 20, proposes a pay-as-you-go system that uses a "transparent data storage system and aggregation." Users must provide their credentials to gain access to a particular hardware device — the patent cites copiers and 3D printers as examples — and billed strictly for what they used. The proposed data storage systems could be based on a Tangle or a generic blockchain. The patent makes no mentions of the Iota …

Crypto cards have become a must-have for many crypto services. Hoping to reduce the risk of blocking transactions, companies have been looking again and again for reason why their customers should use “plastic.” But a crypto card is a placebo that does not solve the problems of either users or fintech companies — its only goal is to bring profit to payment systems and intermediaries. Crypto cards are not needed in the same way that special financial instruments are not needed to buy gold, oil, precious metals or any other resource. The word “cryptocurrency” — like “dollar” or “euro” — …

Stability? What stability? Bitcoin has burst through its ceiling, leapt 15% and is now tickling a new ceiling of $11,000. The new move has put Bitcoin’s actual price at around double the realized price. On Black Thursday, the realized price was higher than the actual price. So how much higher will Bitcoin go? Max Keiser expects the coin to reach $28,000… then push on up into six figures. As for who’s been creating the demand, a study from Cornerstone Advisors has found that 80 percent of this year’s crypto buyers are men with an average income of $130,000. And it’s …

Leading global payment companies Mastercard and Visa have been making moves to accelerate the support of cryptocurrency payment processors by opening up new options for users around the world. Both companies made strong statements in support of the use of cryptocurrencies in July by announcing respective projects and collaborations that are driving the adoption of cryptocurrencies. The positive attitude toward cryptocurrency exchanges and payment platforms from the world’s largest traditional payment processors signals a shift in perception from the traditional financial space. Mastercard has been actively encouraging exchanges and payment service providers to enlist in its recently expanded cryptocurrency card …

It’s been a good week for Bitcoin. The dollar price is up more than 3 percent to around $9,500. That $10,000 ceiling is looking more fragile than ever. One sign that the ceiling may be about to break is the decline in Google searches for “Bitcoin.” According to Google Trends, search interest is the lowest since December 2019. Last time search interest fell by such a degree, the price climbed around 50 percent. One coin in which interest is running high—and putting up prices—is pennies. A slowdown in coin production caused by the coronavirus has led to a shortage of …

Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become partners as part of its newly-expanded cryptocurrency card program. On July 20, Mastercard said it was simplifying access to its Accelerate program for crypto card issuers, allowing applicants to be onboarded as partners “in a matter of weeks.” Now enhanced for crypto card applicants, the Accelerate program gives partners support with their market entry, continued growth and international expansion. New crypto partners will be assisted in integrating Mastercard’s technology and will be in a position to benefit from the firm’s cybersecurity expertise and market research. While …

Brazil’s central bank has ordered Mastercard and Visa to suspend processing money transfers on behalf of Facebook’s WhatsApp. According to official information shared with Cointelegraph Brazil, the Central Bank of Brazil (BC) took action against WhatsApp Pay “to preserve an adequate competitive environment” and allow the central bank to assess the risks posed by the firm to the country's existing financial sector. Visa and Mastercard will face heavy fines and administrative sanctions if they do not suspend activities relating to WhatsApp payments. Bank will assess the risks The Central Bank of Brazil (BC) has moved to suspend the operations of …