Mastercard’s ‘Engage’ Programme Enters Crypto Card Market

The world's second largest payment processing company, Mastercard, has announced that it is expanding its Engage program to help scale crypto and blockchain technology.

according to a Press releaseMastercard is expanding its Engage program to allow various cryptocurrency companies to take advantage of the credit card giant's global network.

The credit card giant announced that it would allow companies to rapidly launch and scale products that drive the Web3 economy through its new pathway as part of its global Engage program.

Mastercard Engage aims to simplify the process for partners to engage with the credit card company and speed time to market for product innovation through access to the company's global network and expertise.

How will the Mastercard Engage program help cryptocurrencies?

Mastercard has revealed its plans to expand Engage's partner network, specifically targeting digital assets.

This expansion is intended to identify potential partners that can facilitate the introduction of new crypto card programs to the market.

Additionally, Mastercard intends to enable crypto-to-fiat conversion capabilities through these partnerships.

The payment processing giant believes that this initiative will improve the accessibility and collaboration of various companies within the cryptocurrency value chain. The Engage program will focus on two key areas: forming partnerships with organizations interested in launching crypto cards and collaborating with BIN (Bank Identification Number) sponsors.

By leveraging the Engage program, Mastercard aims to foster innovation and drive adoption of digital assets in the financial industry.

Mastercard's initiative is aligned with recent tickets in the crypto space by traditional financial firms.

Crypto Companies Joining the Mastercard Engage Program

In its press release, Mastercard revealed the names of the crypto payment companies joining its Engage program.

Participating companies include Baanx, Credential Payments, Episode 6, Immersve, Monavate, Moorwand, PayCaddy, Paymentology, Pomelo, Swap, and Unlimited.

Raj Dhamodharan, executive vice president of blockchain and digital asset products, said in a statement:

"The expansion of the Mastercard Engage network will allow multiple players, not just within the crypto ecosystem, to join the Mastercard brand. It will allow us to realize our ambitions at scale while being backed by the security of our customers."