Bitcoin (and others) has shown up on the radar of  credit card giants

Bitcoin (and others) has shown up on the radar of credit card giants

Two giant companies in the credit card business recently announced partnerships and actions involving bitcoin and other cryptocurrencies

Bitcoin (and others) has shown up on the radar of  credit card giants

By Editorial Staff

Paying a coffee with bitcoin as you do with a credit card may be closer than we’ve imagined. Two major credit and debit card operators recently announced actions involving cryptoassets. Besides, in some places paying with QR Code is becoming commonplace.

Cielo Card operator will accept bitcoin and other cryptocurrencies

Cielo, one of the largest credit card companies in Brazil and the leading supplier of credit card machines, will accept payments with bitcoin and other cryptocurrencies. Transactions can be performed directly on the company’s machines.

The functionality will be possible through a QR Code. In it, the shopkeeper types   directly into the card machine the value to be receive and a QR Code is generated in the system. Thus, the users can scan this code with their smartphone and make the payment.

However, users who wish to make payments with cryptocurrencies using Cielo’s POS (card machine) terminals will need to have an account at Uzzo or Cryptohub, the current network partnerships.

As of October, places using the CieloPay system can even accept payment in cryptoassets. This can be done without even needing the card machine. The QR Code for payment will be generated by a Cielo application directly by the mobile phone that will have to be scanned to make the payment, as using the POS.

The code can also be used for remote payments. In addition, transactions will be available through applications such as WhatsApp, virtual stores, and others.

Mastercard aims on international payments

In turn, the Mastercard payments giant announced that it intends to develop a cross-border payment platform with blockchain technology. The project will be held in partnership with the company R3.

Initially, the goal is to connect faster payment schemes and banks backed by the Mastercard clearing and settlement network. The platform will be built on the Corda Enterprise, the commercial version of the platform, opposing to Corda Network’s open source, said R3 to CoinDesk.

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In this way, the focus of the partnership is to unite the experience of R3 in the development of blockchain solutions with the payment systems and Matercard existing network. With this, companies expect the new platform to help solve issues in the industry. Among the main points it should be addressed the processing of costly payments, liquidity management and scarcity of standardization. Companies also want to promote greater connectivity between banks and domestic clearing systems.

R3 CEO, David E. Rutter, states that all institutions, whether large or small, depend on the ability to send and receive payments. He highlights, however, that often the technology on which they are based is complicated and expensive.

“Cross-border payments can be a problematic point. The Corda was designed specifically for corporate use cases like this, and we hope to support Mastercard in bringing blockchain-enabled businesses payments around the world”, he said.