Although cryptocurrencies are currently a risky investment, card firms like Visa Inc.
and Mastercard Inc. are wagering that one day, people will regularly use cryptocurrencies to pay for things like food, clothing, and plane tickets
Consumers can already pay with cryptocurrencies linked to Visa and Mastercard cards, although this is a small industry offered primarily by fintech firms
And in order for transactions to take place, third parties must convert the cryptocurrency into the local currency
The two biggest card networks in the United States, Visa and Mastercard, claim to be putting together plans to manage the logistics of cryptocurrency payments themselves
The card networks see banks, fintechs, and other companies as their primary target market for their activities.
However, the changes may ultimately have a significant impact on how consumers and businesses conduct business.
Fiat-backed stablecoins, whose values are linked to conventional currencies like the U.S. dollar or other financial assets, are seen by both Visa and Mastercard as a testing ground for processing cryptocurrency payments.