In Brief:
- Mastercard has partnered with three Crypto prominent platforms Amber, CoinJar and Bitkub for Crypto Card Program
- Cardholders will be able to convert their cryptocurrency into fiat currency instantaneously.
- Nearly half of APAC customers are willing to consider using cryptocurrency for payments in 2022.
Mastercard has partnered with three prominent cryptocurrency businesses to offer crypto-linked payment cards in Asia Pacific (APAC). Consumers and businesses in the Asia Pacific region will be able to use crypto-linked Mastercard to convert their cryptocurrencies into fiat currency.
The three partners are Hong Kong-based crypto trading startup Amber Group, Australian cryptocurrency exchange CoinJar, and Thailand based crypto exchange platform Bitkub, according to a Mastercard. These three enterprises are the first virtual currency businesses in APAC to join Mastercard’s Crypto Card Program.
Rama Sridhar, Executive Vice President, Asia Pacific, Mastercard, Digital & Emerging Partnerships and New Payment Flows said “In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”
According to a recent Mastercard survey, 45 percent of respondents in the APAC said they would consider using cryptocurrency for payments in 2022.
Mastercard said in February that it would begin supporting numerous cryptocurrencies directly on its network. Since then, the company has developed a keen interest in digital assets.
The firm bought blockchain forensics firm CipherTrace in September, presenting the deal as a “massive services opportunity” in the context of the company’s broader ambitions to adopt central bank digital currencies (CBDCs) and Stablecoins.
The company signed an agreement with crypto exchange Bakkt in October to expand the scope of its bitcoin service offering to banks and fintech clients.
