In partnership with three cryptocurrency service providers, Amber Group and Bitkub in Thailand and CoinJar in Australia, Mastercard offers crypto-funded payment cards that enable users to instantly convert their digital assets into traditional cash.
These companies are the first cryptocurrency exchanges based in the Asia Pacific region to join the company’s global Crypto Card program.
The Crypto Card program is designed to make it easier for crypto companies to bring secure and compliant payment cards to market, as consumers increasingly seek to securely and efficiently fund daily transactions with cryptocurrency.
Instead of a direct transfer of cryptocurrency to a merchant, the company said. Cardholders are now able to convert their cryptocurrency into traditional currency that can be spent everywhere MasterCard is accepted around the world, both online and offline.
Although the company did not specify which cryptocurrencies are supported. It chose Bitcoin and Ethereum as the two assets that were accepted by some traders. But they are not yet widely adopted.
According to the company’s research for the Asia Pacific region. 45 percent of people surveyed said they are considering using cryptocurrency in the next year.
MasterCard is very active in the cryptocurrency market
Influencers are promoting the growing attractiveness of Bitcoin and other cryptocurrencies. Although cryptocurrency is enjoying new legitimacy as an investable asset class, the uptake of the payments sector has been much slower.
MasterCard has its mark all over the cryptocurrency market. This is waiting for digital assets to one day gain traction as a payment method.
Last month, the credit card giant announced plans to allow US partners to offer crypto loyalty rewards.
And by partnering with digital asset platform Bakkt. Mastercard said it plans to allow customers in the United States to buy and sell cryptocurrency through digital wallets.
Also Read: MasterCard Brings Cryptocurrency to Merchants and Banks
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