MasterCard Names Cryptocurrency as Major Competitor in New Report

Even the contact information listed for MasterCard in their annual SEC report seems old-fashioned.

Instead of listing something like an email address, MasterCard provides their “telephone number, including area code.” The form actually indicates that the filer should include the area code, as though using telephones is a new thing.

And it turns out, when this form was invented, telephones were a new thing.

The top of it reads “Annual Report Pursuant to Section 13. . . of the Securities Exchange Act of 1934.”

That's right. This annual ritual has gone on unchanged since 1934.

And the general tone of the remainder of the report solidifies what the opening lines hint at: that MasterCard – and third-party payment processors in general – are becoming old news, and are likely living their last days.

Competition, Competition, Competition

MasterCard's SEC report mentions the word cryptocurrency three different times, and each time, it's under the heading of the word “competition.”

First the report mentions that MasterCard competes against cash, chec