Mastercard to issue crypto-linked payment cards in Asia-Pacific region
Payments giant Mastercard announced on Monday that it has entered into a partnership with three crypto-related companies in the Asia-Pacific region. Through this partnership, Mastercard is prepared to launch its first crypto-backed payment cards.
It's official! We're launching #crypto-funded cards with @ambergroup_io, @BitkubOfficial and @GetCoinJar. With crypto-linked #Mastercard payment cards
#cryptocurrencies can be instantly converted to fiat and spent everywhere Mastercard is accepted. https://t.co/Wym7GMVXOo pic.twitter.com/swQPiLrjnF
— Mastercard APAC (@MastercardAP) November 8, 2021
Mastercard has partnered with Hong Kong’s Amber Group, Thailand’s Bitkub, and Australia’s CoinJar to offer its new payments card in the Asia-Pacific region. The companies aim to make it easier and quicker for individuals and companies in the region to make virtual currency payments.
Users can apply for crypto-linked credit, debit, or pre-paid cards. The cards have the ability to instantly convert cryptocurrencies into fiat currencies and can be spent anywhere Mastercard is accepted.
Since the crypto assets would be converted to fiat, the new scheme would not burden the Mastercard merchants who do not accept cryptocurrencies.
Mastercard has already accelerated its entry into the crypto ecosystem with a series of new initiatives introduced by the company. Last month, the company partnered with Bakkt, a crypto firm, to offer crypto solutions to their customers.
The company quoted recent findings from the Mastercard New Payments Index that said that the Asia-Pacific region is relatively more interested in cryptocurrencies than the rest of the world. According to the latest survey results released in May, 45% of the respondents in the region “are likely to consider using cryptocurrency in the next year”.
“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative,” said Rama Sridhar, Mastercard’s executive vice president of digital and emerging partnerships and new payment flows for the Asia Pacific.
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