Mastercard and Crypto – Bridging the Gap in Finance


This month, Mastercard has launched two brand-new platforms that help card issuers analyze the security risks of crypto transactions and provide crypto trading tools to their customers. As the world continues moving toward an increasingly digitally focused realm, this will help Mastercard and banks using it stay ahead of the curve. 

Both programs help integrate Mastercard into the crypto universe, giving consumers access to a wide range of otherwise-untapped possibilities. 

Mastercard Crypto Secure Promising New Trust to Crypto Purchases

Mastercard’s Crypto Secure mixes proprietary data and information with analysis and tips from CipherTrace to ensure card providers are able to better assess the risks of crypto transactions. Utilizing this data allows banks to accurately decide which transactions to deny and which to approve.

The platform ensures issuers can assess the risk level of each transaction individually, rather than employing a potentially limiting one-size-fits-all model. Considering crypto exchanges on a transaction-by-transaction basis means banks won’t restrict legitimate activity nor will they facilitate purchases from crypto merchants with a penchant for fraud.

The First-of-Its-Kind Tech Adds Extra Security Layers to the Digital Ecosystem

The president of Mastercard Cyber and Intelligence, Ajay Bhalla, says trust is the company’s main focus, and since cryptocurrency is becoming more intertwined with everyday life, Crypto Secure is another leap forward. 

Through the platform, banks can access insights that will ultimately improve the safety and security of crypto purchases, elevating buyer confidence and ensuring the same level of protection they expect when using Mastercard payments.

Issuers get a color-coded dashboard with Crypto Secure that shows where their consumers are purchasing cryptocurrency. On top of that, the new system allows providers to:

  • measure the approval and decline rates of crypto transactions. 
  • accurately identify cryptocurrency exchanges. 
  • consider the benchmark rating of similar financial institutions to use for comparisons. 
  • understand their own exposure to crypto risks through an overall score.

Mastercard has launched Crypto Secure as part of its wider digital asset strategy, wherein the company is looking to bridge the gap between the cryptocurrency world and traditional finance. Participating consumers can seamlessly spend money from their digital currency accounts in daily transactions. 

But this platform isn’t the only recent addition to the strategy. Technological implementations from Finicity, CipherTrace, RiskRecon, and Ekata have enabled the company to inject other exciting ventures into the mix, like the one below.

Mastercard Also Offers Banks Crypto Trading Abilities with Crypto Source

October 17, 2022, marks the day that Mastercard introduced its new program, Crypto Source, which allows financial institutions to offer secure cryptocurrency trading tools and services to their consumers. 

As per this year’s Mastercard New Payments Index, 29% of survey respondents around the world said they hold crypto as an investment, and a whopping 65% of users suggested they wished that crypto services were offered by their current trusted financial provider.

In response, Mastercard partnered with regulated and licensed crypto issuers to ensure their financial institutions can access a comprehensive set of buy, hold, and sell tools for crypto assets. 

Naturally, Crypto Source was launched alongside Crypto Secure to offer the highest level of security currently attainable and allow banks to properly comply with complex industry regulations.

With this new platform, Mastercard-issuing institutions get a myriad of crypto-related offerings, including:

  • Tech and partnership support — Provided to help banks and their customers buy, hold, and sell a range of crypto assets.
  • Security management — Mastercard has an array of security-centric tools, such as its identity solutions, transaction monitoring, anti-money laundering procedures, crypto analytics, cybersecurity, biometrics, and lifecycle stages. 
  • Spend and cash out — The company provides a bunch of products, including the relatively recent crypto cards, that allow cross-border services. Financial institutions also get additional Mastercard functionality through loyalty solutions and digital receipts. 
  • Program management — From program design to technology implementation, Mastercard provides financial institutions with a range of optimization tools and consultancy services to ensure they get the support they require to maintain and scale. 

As Mastercard continues expanding, the entity will no doubt expand partnerships and increase its crypto-related service offerings. For the time being, it has made staggeringly huge steps forward into this exciting yet relatively new market. 

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