- Mastercard has partnered with cryptocurrency service providers Amber, Bitkub, and CoinJar to enable customers from the Asia Pacific region to pay with cryptocurrencies.
- Users in the region will be able to apply for Mastercard credit, debit and prepaid cards linked to Bitcoin.
- When making a payment with cryptocurrency, the digital assets will be converted into fiat money to make the payment.
“If you can not beat them, join them“goes the famous saying that many opponents of Bitcoin ended up clinging to. One of them is the payments giant, Mastercard, which is making more and more partnerships to allow its customers to pay with cryptocurrencies using their cards.
A few weeks ago Mastercard announced its partnership with Bakkt to allow thousands of banks and millions of merchants in its payment network to integrate crypto into their products in the United States. Your latest announcement will now benefit your Asia Pacific audience.
Through a Press release the financial firm announced its partnership with three cryptocurrency service providers with a very good presence in that area of Asia: Amber, Bitkub and CoinJar, who will be the ones who will work side by side with Mastercard so that everything works as it should.
Although they are not the first cards linked to BTC, the fact that Mastercard has made it is what gives it that plus: the cards can be credit, debit and also prepaid.
“For the first time, consumers and businesses in the Asia Pacific region will be able to apply for Mastercard credit, debit or prepaid cards linked to cryptocurrencies that will allow them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere with Mastercard. Our company is accepted all over the world”, Expressed the authorities.
The user will choose to pay with digital asset, but this transaction is instantly converted into fiat currency to allow proper payment processing.
Global Crypto Card Program
According to the company’s statement, the associated firms are the “the first APAC-based platforms“in joining the so-called global Crypto Card program. What you are looking for is”make it easier for Bitcoin and cryptocurrency companies to offer payment cards to their customers“.
Rama Sridhar, Mastercard Asia Pacific Executive Vice President of Digital and Emerging Partnerships, said:
“Cryptocurrencies are many things to people: an investment, a disruptive technology or a unique financial tool. As interest and attention emerge from all quarters, its real-world applications are now emerging beyond the speculative.”.
Mastercard bridge between fiat and crypto
What Mastercard did is a continuation of what it had announced in July, when the payment giant had announced the creation of payment cards backed by cryptocurrencies.
Four months ago they had assured that their product “sought to reduce friction in the experience and provide more choice to consumers by helping to facilitate the conversion between BTC and fiat currency“.
Mastercard noted that its new partners have adhered to the company’s core principles which seek to expand what is possible with cryptocurrencies to provide people with even more choice and flexibility in the form of payment.
Although in some Asia Pacific countries regulations such as the use of cryptocurrencies are still not entirely clear, the region is one of the fastest adopting digital assets. The area of Singapore and Malaysia, to name two of the most important countries, is well advanced in this area.
Mastercard advances in the field of cryptocurrencies and the first step was taken in Asia. If there are positive results, there is no doubt that this will transcend borders to reach America and Europe.
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