Mastercard is on the verge of launching a crypto-linked payment card in Asia and has tied up with three digital asset platforms in the APAC region to allow consumers to convert bitcoin and other cryptocurrencies into fiat currencies. So far, Mastercard has announced that it is joining hands with Hong Kong-based crypto finance firm Amber Group, Thailand-based crypto exchange Bitcube, and Australian trading platform CoinJar. The partnership intends to offer cryptocurrency-linked credit, debit and prepaid cards to both individuals and businesses throughout the Asia Pacific region.
Cardholders will be able to convert instantly Bitcoin and others digital currencies in fiat, which can then be used to spend online or at physical retail outlets with any merchant that accepts master card payment.
Mastercard said that this collaboration has reached an all-time high as interest in cryptocurrencies in the Asia Pacific region. Statement,
master card Its latest survey also claimed that 45 percent of consumers in the sector are open to using digital assets for payment within the next year, a percentage that is slightly higher than the global average which sits at 40 percent.
“In collaboration with these partners who adhere to the same fundamentals as Mastercard – that any digital currency should provide stability, regulatory compliance and consumer protection – Mastercard is to give people more choice and flexibility than is possible with cryptocurrencies. That’s expanding how they pay, says Ram Sridhar, executive vice president of Mastercard, which oversees digital partnerships in Asia Pacific.
The company recently announced an agreement with the crypto-wallet platform Bakto To allow merchants, fintech firms and banks in the US to accept and expand a “broader set” of solutions and services involving cryptocurrencies. The deal gives Mastercard users the freedom to buy, sell and hold digital assets on the Bakkt wallet. The popular financial payment processor will also offer crypto rewards to consumers as part of the deal.