Although cryptocurrency is still fraught with uncertainty, Mastercard believes it can ease buyers’ concerns. The credit card company has launched a Crypto Secure service to increase trust in cryptocurrency purchases.
The offering employs artificial intelligence from CipherTrace (a blockchain security firm purchased by Mastercard in 2021) to create a “risk profile” for digital asset providers and assist card issuers in deciding whether or not to approve a transaction. If a merchant has a history of fraud, your bank may refuse to process the transaction.
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The system displays color-coded risk ratings ranging from green (safe) to red (high) (dangerous). Mastercard also provides a “benchmark” rating for comparison with a peer financial group, and it assists issuers in tracking the volume of approved and declined transactions.
The company already employs a similar method for conventional currency; it is simply adapting the concept to the cryptosphere.
If a seemingly innocuous cryptocurrency purchase fails, the service may not excite you. However, as Mastercard’s Ajay Bhalla explains to CNBC, this is as much about assisting businesses as it is about assisting customers.
Crypto Secure aims to assist card providers in navigating the current regulatory landscape for virtual assets. They should not put themselves in jeopardy by approving a shady deal that leaves people stranded.
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Mastercard already has a vested interest in increasing the reliability of crypto transactions. In 2021, it began accepting some cryptocurrency payments, allowing more retailers to adopt the technology.
The more reliable those payments are, the more money Mastercard can make from them. Whatever your motivations are, you may not mind if you find more places to spend your Bitcoin or Ethereum.
