MasterCard has partnered with cryptocurrency service providers in the Asia Pacific to launch the region’s first crypto-linked payment cards. According to a press release by the company, this move works towards expanding the company’s developer’s portfolio.
The initiative is part of Mastercard’s Crypto Card Program to provide customers with more flexible options in moving digital funds and other digital assets. It shows the participation of the company in reducing entry barriers into Fintech.
The three service providers partnered with include Amber Group (Hong Kong), Bitkub (Thailand), and CoinJar (Australia). Each of these companies deals in digital assets and offers the exchange of cryptocurrency in their respective countries.
The announcement comes at a time when demands for digital assets in the Asia Pacific hit unprecedented heights. According to the Mastercard New Payments Index, there’s a significant rise in the number of people willing to consider cryptocurrency.
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Consumers and businesses can, therefore, now apply for crypto-linked payment cards and have them delivered to them. This could be credit cards, debit cards, or even prepaid cards. They can convert cryptocurrency into fiat money for use anywhere Mastercard is accepted.
In a statement released by the company, it’s said,
Mastercard is committed to applying its innovation, experience, and scale to emerging cryptocurrency and digital currency partners, building global ecosystems to modernize payments and transform the way people and businesses transact.
In addition to that, the card company reiterates the flexibility, stability, and regulatory compliance of its new cards. It also promises consumer protection. The innovation must have been responsible for a 0.4% rise in MA shares intraday on announcement day.