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Mastercard unveils crypto Payment Cards in Asia-Pacific

Tue 09 Nov 2021 ▪ 12h12 ▪ 3 min read — by Mary Anderson

Mastercard partners with Thai companies Amber Group and Bitkub, as well as the Australian company CoinJar. According to the Mastercard press release, this partnership will allow their clients to pay in crypto using physical or digital cards. 

Thus, Mastercard customers (individuals and corporations) will be able to apply for a cryptocurrency-linked debit, credit or prepaid card. Cardholders will be able to convert their crypto holdings into a fiat currency.

According to a survey conducted by Mastercard, 45% of the respondents in the Asia-Pacific region (APAC) said they will consider using cryptocurrencies in 2022, reports moneycontrol.com

“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,” said Rama Sridhar, Executive Vice President of Mastercard in APAC.

Popularisation of cryptocurrency payments

Although some trading companies already accept payments in digital currencies, such as Bitcoin (BTC) or Ethereum (ETH), they are still not widespread. Instead of directly transferring the cryptocurrency to the seller, Mastercard holders will instantly convert it into fiat and pay online or offline. 

Thailand-based Amber Group and Bitkub, and the Australian CoinJar already offer crypto services in their domestic markets. These companies have become the first APAC cryptocurrency platforms to join the global Mastercard Crypto Card Program. 

The Crypto Card program helps buyers, sellers and businesses find convenient ways to pay and promote digital values.

Mastercard first announced the release of such payment cards and readiness to support cryptocurrencies this February.

The company justified its decision to work with crypto as a matter of choice: “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money,” the company said.

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Mary Anderson avatar
Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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