mastercard banner launches crypto

Mastercard launches crypto-linked cards for Asia Pacific users

American-based multinational financial services corporation Mastercard has partnered with crypto asset providers including Hongkong’s crypto firm Amber Group, Thailand’s crypto exchange Bitkub and Australia’s trading platform Coinjar to provide Asia Pacific users with crypto services linked to their digital payment cards. 

In a statement released by Mastercard on November 8, this partnership will give cardholders the option to apply for crypto-linked credit, debit or prepaid cards that would allow them to instantly convert their Bitcoin, Ether and other digital assets into fiat currency. 

This process aims to speed up the process of using crypto assets as payment methods in places that accept Mastercard. It also intends to promote the company’s global Crypto Card Program starting with the Asia Pacific region. 

Moreover, it aims to connect with dedicated fintech companies and digital asset experts to streamline the onboarding process and reduce barriers to entry into the crypto sphere. 

This decision comes after the latest Mastercard New Payments Index that showed increased interest in mainstream crypto adoption. The index indicated that 45% of the surveyed Asia Pacific cardholders are likely to consider using cryptocurrencies by next year, 2022. 

‘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’, Mastercard Executive Vice President Rama Sridhar said in the press release. 

‘Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay,’ he added.

The behemoth payment service provider isn’t stopping in the Asia Pacific region. In a post published by Businesswire, Mastercard and US-based crypto platform Bakkt will partner up to bring the same services to their customer base.

US cardholders are also set to benefit from other crypto-related services including Bitcoin rewards for purchase and transactions.

Visa, one of Mastercard’s main rivals in payment services, is also seeking ways to maximise its presence in the emerging crypto markets. Currently, the company has partnered with the digital asset platform Crypto.com to provide its Brazil users with a Visa crypto card. 

Their announcement came after Crypto.com launched its platform and service in different parts of the world including Canada, Australia, the Asia-Pacific region, Europe and the United States.

Be updated with the latest cryptocurrency news about Mastercard here at Cryptoshimbun!

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