Despite a severe meltdown in crypto valuations and conflicting opinions about crypto’s future, digital payment service providers seem to be embracing crypto assets including cryptocurrencies with open hands.
Paypal, an American multinational company, a leading name in online payment transactions, had allowed in October 2020 its users to buy, sell and hold cryptocurrencies like Bitcoin, Ethereum, Litecoin. In March, 2021, it further extended its services related to crypto assets allowing its customers to use their crypto assets in paypal account for payments in online business transactions.
Now, Paypal has gone a step further. It has announced that its customers in USA will now be able to transfer their crypto assets or cryptocurrencies to other wallets, exchanges or other Paypal users within seconds without any charges, according to a report by Euronews.
Another well known name in payment transfer service world, Mastercard has also declared that it is “working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.” It further said that it is in process to “allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services.”
Earlier, it was reported that Mastercard and Nexo have joined hands to bring out the first ever “Crypto-Backed” Payment Card in the world.
In another recent major development in Crypto world, American Express, another American company, a leading expert in payment card services, has also loosened its stiffness towards cryptocurrencies. It has partnered with a crypto assets management company, Abra, to provide crypto rewards, a first time ever measure on its network. This was announced by CEOs of both American Express and Abra at Coindesk’s Consensus conference in Austin, Texas.
Earlier, American Express, last year in October, 2021 had declared that it had no plans to launch crypto-linked card anytime soon.
Now, as per the new plan, users of the Abra Crypto Card will earn reward points by making transactions through American Express platform. These reward points can then be used by the customers to trade in over 100 different other cryptocurrencies. Besides, the customers will get benefit of using rewards for other services offered to American Express card users for shopping, travel, dining etc.
These traditional payment service companies adopting crypto make an interesting development especially in wake of collapse of Luna Stablecoin and frequent news of scams in the name of crypto assets and hacking of crypto exchanges.
Disclaimer: The views presented here are purely for educational and information purposes and not to be meant as financial or investment or technological or legal advice. The author or our website shall not be responsible for any kind of loss caused to reader due to forming any decision on the basis of material presented here. Please read the complete Disclaimer here.
