Ripple Partner Bitso Teams Up with Mastercard

Mastercard has partnered with Ripple’s primary ally, Bitso, a Mexican cryptocurrency exchange, to create a debit card in Mexico. The debit card provides Bitso users with a practical payment alternative and represents the growing use of blockchain for cross-border transactions.

Mastercard, the leading global payment corporation, has collaborated with Fable Fintech, a strategic partner of blockchain-based payment solution provider Ripple, to develop innovative cross-border payment solutions. As part of this collaboration, Mexican cryptocurrency exchange Bitso, another important Ripple partner in the area, has announced the creation of a debit card in partnership with Mastercard.

More Flexibility in Payments

The new debit card will allow Bitso users to make payments in Mexican Pesos (MXN) using their wallet balance at any Mastercard-accepting store. The card is now available exclusively to Mexican residents who have passed the KYC (Know Your Customer) requirement. Bitso’s partnership with Ripple has facilitated rapid money transfers for millions of Mexican workers, demonstrating the power of blockchain technology in the remittance market.

Mastercard’s latest venture in the blockchain and Web3 space, “Cross-Border Services Express,” aims to provide financial institutions with a digital-first experience. By modifying Mastercard’s existing products and developing a simple digital alternative for cross-border payments, this project will help enterprises enter the market faster and lower transaction risks.

”It’s our goal to provide choice, access, and transparency for payments across borders. Cross-Border Services Express levels the playing field and provides small and mid-tier banks, including credit unions and community banks, with the same international payments features regardless of their size and scale.”

Alan Marquard, Executive Vice President of Mastercard

The launch of the debit card in Mexico not only provides Bitso users with a convenient and accessible payment option but also highlights the growing use of blockchain for cross-border transactions. As more financial institutions and businesses investigate the possibilities of blockchain, one can anticipate an increase in creative goods and services that respond to customers’ changing requirements, ultimately revolutionizing how people conduct global transactions.

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