At this moment in time, MasterCard users can only pay for items using the local fiat currency of their home countries. The new patent could change all of this. MasterCard has stated that increased usage in blockchain currencies has changed the game because consumers do value the anonymity and security that crypto offers. The news is a turnaround regarding MasterCard’s previous attitude towards crypto.
The senior vice president for communications at MasterCard, Seth Eisen, outlined in a document the growing importance of security and privacy for uses by saying, “While blockchain currencies can often provide such safety and security for the payer’s information, such security may be limited for payees, particularly due to the limitations of the blockchain.” The details of the patent and where MasterCard are going with this are still sketchy at best. If MasterCard decided to quickly implement the new method, it could help to speed up blockchain transactions by allowing their cardholders to pay for their goods instantly with their credit card in bitcoin.
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