MasterCard is currently battling against virtual currency by lobbying the U.K. government for additional regulation, according to a report by Quartz. Virtual currency is a threat to MasterCard's business model, so this is a calculated move on its part. Virtual currency provides an alternative payment model to traditional credit cards, one that bitcoin advocates argue is more secure and private.

The U.K. Treasury recently made a call for information on virtual currency from those in the financial sector. MasterCard sent a letter to the U.K. government in response to this call which points out the flaws in virtual currency. "We would argue that, when compared to MasterCard's network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks," the letter says.

MasterCard argued in the letter that the risks of virtual currency are greater than the benefits.