Mastercard launches cryptocurrency payment cards in Asia

Mastercard launches cryptocurrency payment cards

The group broke the news yesterday. Mastercard’s cryptocurrency payment cards have been developed through partnerships with three companies in the sector: Amber Group (South Korea, Taiwan, Hong Kong), Bitkub (Thailand) and CoinJar (Australia).

These cards will allow users to instantly convert their cryptocurrencies into fiat currencies, so they can spend them at any merchant or service provider that accepts Mastercard.

This initiative is part of Mastercard’s “Crypto Card” program, which aims to facilitate the creation of payment cards for companies in the sector.

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Take advantage of an extensive payment network

For Mastercard, “classic” cryptocurrency payments suffer from a lack of democratization, so hybrid payment cards are the solution:

“Although some merchants already accept payments in digital currencies […], this form of acceptance is not common. […] Cardholders will now be able to convert their cryptocurrencies into traditional fiat currencies, which can be spent anywhere in the world, online or offline. “

Building on interest in crypto-assets

According to Mastercard, a survey in the Asia-Pacific region reveals that 45% of respondents plan to use cryptocurrency in the coming year. The press release also explains that assets of this type are finding their place, beyond a simple speculative aim:

“Cryptocurrencies mean a lot to people – an investment, a disruptive technology, a unique financial tool. As interest and attention crop up from all sides, concrete applications are emerging beyond speculation. “

Mastercard still very “crypto-friendly”

Mastercard has shown interest in cryptocurrencies since the start of 2021. In February, the company announced that it would add crypto-assets to its network during the year.

Mastercard had since tested the USDC stablecoin and acquired the analysis firm CypherTrace. A few days ago, we also learned that the company had partnered with the Bakkt exchange platform, in order to further expand its services related to cryptocurrencies.

👉 To read – According to Mastercard, the use of cryptocurrencies for payment is gaining ground

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About the author: Marine Debelloir

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Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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