In partnership with Mastercard, three major cryptocurrency service providers in Asia-Pacific will launch crypto-funded Mastercard payment cards.
For the first time, consumers and businesses in the Asia-Pacific region will be able to apply for encrypted Mastercard credit, debit or prepaid cards that will instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere. Mastercard is accepted worldwide.
The three digital asset service providers that Mastercard partners with are Amber Group, Bitkub in Thailand, and CoinJar in Australia, all of which offer cryptocurrency buying and trading services in their respective home markets. These companies are the first APAC-based cryptocurrency platforms to join Mastercard’s global crypto card program, which was designed to enable crypto companies to bring secure and compliant payment cards to market. easier and faster, as consumers increasingly seek to fund daily transactions securely and efficiently with digital currencies.
While some merchants already accept payments in digital currencies such as Bitcoin or Eth, this form of acceptance is not very widespread. Rather than transferring cryptocurrencies directly to a merchant, cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere Mastercard is accepted in the world, both online and offline. line. The currency will still enter the Mastercard network as a traditional fiat currency.
This announcement comes at a time when interest in cryptocurrencies is at an all time high in the Asia-Pacific region. According to the latest Mastercard New Payments Index, 45% of APAC respondents say they will likely consider using cryptocurrency next year – a huge jump from the 12% who have already used it. last year and more than the world average of 40. percent.
âCryptocurrencies are a lot of things to people: an investment, a disruptive technology, or a unique financial tool. As interest and attention increase from all quarters, their real applications are now emerging beyond speculation, âsaid Rama Sridhar, Executive Vice President of Mastercard, Digital and Emerging Partnerships and New Payment Flows Asia- Peaceful.
“Together with these partners who adhere to the same fundamentals as Mastercard – that any digital currency must provide stability, regulatory compliance and consumer protection – Mastercard is expanding what is possible with cryptocurrencies to give people even more choice and flexibility in the way they pay. “
The Crypto Card program is part of Mastercard’s digital asset strategy to help give customers, merchants and businesses more choice in how they move digital value. As part of the Crypto Card program, Mastercard supports participating fintech companies by reducing barriers to entry, streamlining the onboarding process and providing access to dedicated fintech and digital asset experts as well as teams in the market to accelerate their growth and execution.