TL; DR Breakdown
- Mastercard is rolling out three crypto-funded cards targetting the Asia and Pacific Countries (APAC) region.
- Holders will be able to convert crypto into fiat instantly and use the cards in outlets supporting Mastercard.
Mastercard has announced a partnership that’ll ease crypto payments across the APAC region. The payments firm has said it’ll be issuing crypto-linked cards targeting the region.
The November 9, 2021 announcement revealed that it’s partnering with three crypto service providers in the venture.
The three partners are Amber Group, Bitkub, and Coinjar. The first is a Hong Kong-based crypto financing firm. On the other hand, the remaining two are crypto exchanges with Thai and Aussie roots.
These cards will come in three forms: debit, credit and prepaid. Additionally, they’ll be either physical or digital.
Further, they target both corporate and individual customers. And their holders will use them to convert their crypto into fiat instantly.
Again, users can spend their converted funds in any outlet supporting Mastercard’s payments. Thus they’ll have an easy time trading in their favorite cryptos.
Mastercard is expanding possibilities
Commenting on the development, Mastercard’s Rama Sridar said the firm is expanding possibilities for crypto holders.
The Executive VP for digital payments in APAC holds that they’ll be giving their users flexibility in their payments.
He added that they were collaborating with the three because they shared the same values. First, they all were interested in a stable digital currency.
Additionally, the firm and its partners were pursuing cryptos that adhere to regulatory compliance. Finally, they are for crypto that guarantees users of their protection.
The three are pioneer APAC firms to sign up for Mastercard’s Crypto Card Program. It seeks to streamline the onboarding of consumers and crypto firms to secure and compliant digital payments.
Michael Wu, Amber Group’s CEO, shares the same thoughts. He affirms their commitment to providing their clients with world-class technology.
They also will provide users with innovative products. Besides, Wu insists that they’re joining Mastercard to bring users a simple digital payments experience.
Targeting APAC’s 45% pro-crypto population
This partnership comes at the back of piquing interest in cryptos within APAC. According to a Mastercard study, 45 percent of APAC’s population wants to transact in crypto by 2022.
That figure represents a huge spike from the 12 percent that used cryptos in 2020. Moreover, it surpasses the worldwide average of 40 percent.
Bitkub’s Jirayut Srupsrisopa said his firm was happy with the connection with the payment company. He said that the relationship would help them build a cutting-edge product for converting crypto to fiat.
He expressed optimism that the partnership will enhance crypto adoption. Thus it’ll improve the efficiency in payments and spur new business opportunities globally.
Similarly, Coinjar’s CEO Asher Tan is thrilled with their partnership. He said that they were happy to team with Mastercard to enhance access to cryptos. Together they’d make cryptos useful.
Mastercard’s foray into cryptos goes back to February this year. Then, it announced that it would start supporting some digital assets on its network.
The firm went on to acquire Cipher Trace, a blockchain audit firm. It did so in preparation for adopting stablecoins and CBDCs.
Again, the company entered into a partnership with crypto trading platform Bakkt in October. The deal would see the two collaborate in enhancing Mastercard’s crypto offering to the fintech sector.