Mastercard Incorporated (NYSE: MA) disclosed that it has partnered with U.S. cryptocurrency exchange Gemini to roll out the first credit card. The new credit card will give users digital currency "rewards" on buying this year. This partnership will further strengthen the commitment of major payment firms in the developing asset class.
Mastercard revealed that the card will be issued by WebBank. Furthermore, there are more benefits for the users of credit cards. The firms disclosed that the holders of the card will get up to 3% in bitcoin or other cryptocurrencies on their buying from this summer.
Earlier in February, Mastercard revealed it was preparing to provide support for some cryptocurrencies on its network this year, while Visa will also enable the use of cryptocurrency to resolve deals on its payment network. Mastercard said that as clients do spending in various recognition places, now they get the opportunity to get a reward in the form of crypto.
Furthermore, Mastercard has also continued its philanthropist activities and announced the donation of US$10 million (nearly 75 crore rupees) pledge to directly tackle critical Covid-related needs in India. The condition is worsening in India as more than 350, 000 new cases emerged each day.
Additionally, Mastercard is also giving funding for additional deliveries of 1,000 oxygen generators, as part of a wider business effort. The firm is donating to local charities and NGOs to enable direct support of those affected by the virus, plus the frontline health care professionals across the country.