The processors’ decision meant that users can no longer fund their crypto wallets via credit card, and many suspected it would impact card issuers as more people entered the crypto market.
While it’s still too soon to determine the long-term ramifications of the decision by the issuers—as well as multiple financial institutions—the move has already conceivably inflicted damage. A recent earnings call by Mastercard revealed the company had experienced slight losses since it announced the ban in the first quarter of 2018. The result, while not conclusive, is indicative of the increasing popularity of cryptocurrencies as a payment method and shows that people are searching for creative ways to integrate these novel solutions into their everyday activities.
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