MasterCard has partnered with 3 digital asset platforms in Asia to issue payment cards that allow users to convert Bitcoin and other cryptocurrencies into fiat currencies, according to Forbes.
MasterCard announced Tuesday that it is teaming up with crypto finance company Amber Group in Hong Kong, Bitkub in Thailand, and Australian trading platform Coinjar, as the partnership aims to offer crypto-linked credit, debit and prepaid cards to individuals and businesses across Asia Pacific.
Cardholders will be able to instantly convert Bitcoin and other digital currencies into fiat currencies, which can then be spent online or offline with any of the merchants that accept MasterCard payments.
The collaboration comes as interest in cryptocurrencies is rising to an all-time high in the Asia Pacific region, Mastercard said in a statement, with the payment giant in America finding in its latest survey that 45% of consumers in the region are considering using currencies. digital over the next year, which is higher than the global average of 40%.
“In collaboration with those partners who adhere to the same core principles as Mastercard, which is that any digital currency must provide stability, regulatory compliance, and consumer protection,” Rama Sridhar, Executive Vice President of Mastercard who oversees digital partnerships in the Asia Pacific region, said in a statement. MasterCard is expanding what is possible with cryptocurrency to give people more choice and flexibility in how they pay.”
MasterCard is strengthening its services as its main competitor, Visa, is also seeking to capture a dominant share in the emerging cryptocurrency payment market. And merchants in America on the MasterCard payment network offer crypto-related services, such as offering customers bitcoin as rewards.
In April, MasterCard teamed up with cryptocurrency exchange Gemini to launch credit cards in America, and the move came just a month after Crypto.com announced its partnership with Visa to launch a similar service.
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