Mastercard has recently increased its stakes in the bitcoin space. The payment processor, along with its rival Visa, has realized that the future of payments will be on the blockchain, so it’s better to jump in now than later. This has put MasterCard at the forefront of developments on the payments side of cryptocurrencies, propelled by its enormous resources that can be used for research.
The latest in a long line of innovations in the crypto space is the introduction of crypto payment cards in the Asia-Pacific region. The cards will help accelerate MasterCard’s efforts to enable crypto payments in the world, along with buying and selling their cryptocurrencies. Users can spend Bitcoin and other digital currencies with the card in the Asia Pacific region.
Mastercard introduces the first Asia-Pacific crypto card
Mastercard announced on Monday that it would launch the first crypto-like payment card in the Asia-Pacific region. Users could fund their cards with Bitcoin and other cryptocurrencies that would be automatically converted into fiat currencies, and they could use the cards to pay for goods and services anywhere Mastercards are accepted. Private customers and companies can use the cards, which offer a choice between credit, debit or prepaid crypto cards.
Related reading | How Bitcoin performed compared to top stocks
Mastercard has partnered with leading digital currency companies in the region to offer this service to its customers. Coinjar, Amber Group and Biktub were the power trio that, together with Mastercard, were responsible for the implementation of the cards.
Crypto Mastercards were previously not available in APAC. However, these three companies have joined Mastercard’s Crypto Card Program, a program developed by the company to enable crypto companies to offer secure and compliant crypto payment cards to residents of the area.
Bringing Bitcoin payments to the fore
While merchants and business owners have already started offering bitcoin and crypto payments in the region, it is still an inefficient process given the nature of cryptocurrencies. With credit, debit or prepaid cards, customers wouldn’t have to worry about sending their cryptocurrencies to a merchant’s wallet. Instead, you can instantly exchange your cryptocurrencies and pay instantly with fiat currency.
Related reading | The Mayor of New York says cryptocurrencies should be taught in schools
Mastercard launched the product at a time when interest in crypto in the region is at an all-time high. In a survey conducted in APAC, 45% of respondents said they would consider using crypto in the next year. This was well above the global average of 40%. It is the latest step in Mastercard’s mission to modernize payment systems around the world and provide better transaction options for individuals and businesses.
BTC continues on upward trend | Source: BTCUSD on TradingView.com
Rama Sridhar, Executive Vice President of Digital & Emerging Partnership and New Payment Flows for Mastercard in Asia Pacific, spoke about the latest launch; “In cooperation with these partners, who adhere to the same basic principles as Mastercard – that every digital currency must offer stability, legal compliance and consumer protection – Mastercard is expanding the possibilities with cryptocurrencies to give people even more choice and flexibility in the type and type of currency Way to give as they use it. Counting.”
Featured image from Bitcoin News, chart from TradingView.com