Mastercard is planning to debut crypto-linked payment cards in Asia, and the company has partnered with three digital asset platforms in the region to make it easier for customers to convert Bitcoin and other cryptocurrencies into fiat currency. So far, Mastercard has announced partnerships with Amber Group, a Hong Kong-based crypto financing firm, Bitkub, a Thai crypto exchange, and CoinJar, an Australian trading platform. In the Asia Pacific area, the alliance plans to develop cryptocurrency-linked credit, debit, and prepaid cards for both consumers and companies.
Cardholders will be able to change Bitcoin and other digital currencies into fiat instantaneously, which they may then use to shop online or in physical stores with any retailer that accepts Mastercard payments.
According to Mastercard, the collaboration comes as interest in cryptocurrencies reaches an all-time high in the Asia Pacific area.
In addition, according to Mastercard’s recent poll, 45 percent of consumers in the region are receptive to using digital assets for payments within the next year, which is slightly higher than the global average of 40 percent.
“By working with these partners who share Mastercard’s core principles – that any digital currency must provide stability, regulatory compliance, and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even more choice and flexibility in how they pay,” says Rama Sridhar, Mastercard’s executive vice president for Asia Pacific digital partnerships.
In the United States, the company recently announced a partnership with crypto-wallet platform Bakkt to allow merchants, fintech firms, and banks to accept and extend “a broad set” of cryptocurrencies-related solutions and services.
Users of Mastercard will be able to buy, sell, and hold digital assets on the Bakkt wallet as a result of the agreement. Consumers will receive crypto awards as part of the transaction, according to the renowned financial payments processor.