Cryptocurrency News

Mastercard set to launch crypto-linked cards in Asia Pacific

  • Mastercard has planned to release crypto-linked cards in Asia Pacific region
  • The platform has partnered with Amber Group, Bitkub, and CoinJar for the same
  • Users will be able to convert crypto to fiat using these cards

One of the biggest payment giants, Mastercard has decided to enter the crypto payments space in the Asia Pacific region. The firm has decided to launch crypto-linked payment cards. 

Mastercard to ward off competition

Mastercard’s biggest rival, Visa, is already providing crypto payment services in partnership with crypto exchange platform, Zipmex in the Asia Pacific region. The payments platform seeks to enter the region, striking a deal with digital currency service providers, Amber Group, Bitkub, and CoinJar. This partnership comes under the global crypto card program, which aims to offer crypto-related payment services across the seven continents. 

The partnership focuses on launching a debit, credit, or pre-paid card that users can use to pay for services with crypto. These cards can convert any digital token into fiat, allowing better relations between merchants and customers. So, instead of arguing with a vendor or a retailer to accept cryptocurrencies, these cards can be used to change crypto to fiat and pay fiat to the vendor. 

“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,” said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard. 

Mastercard has been quite active in the crypto space. Recently, the firm partnered with Bakkt, a digital asset manager, to enable crypto-as-a-service, allowing users to explore the capabilities of cryptocurrencies. The goal of the partnership is to allow any merchant or bank on its network to enable crypto payments in its products via bitcoin wallets, credit and debit cards.

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