- Mastercard is planning to launch digital asset-linked payment cards in the Asia-Pacific region.
- The payment firm has partnered with three entities in the APAC region to enable its new service.
- Consumers would soon be able to directly convert their cryptocurrencies into fiat via Mastercard’s service, rather than transferring digital assets to the merchant.
Mastercard has inked partnerships with three entities that will allow the payment firm to launch crypto-backed payment cards in the Asia Pacific region. Consumers and merchants in the region would be able to obtain digital asset-linked Mastercard debit, credit and prepaid cards.
Mastercard continues to widen scope of crypto services
A recent survey by Mastercard found that 45% of respondents in the APAC region said that they would consider adopting cryptocurrencies as payment in 2022.
Mastercard has already dabbled in cryptocurrencies in February when it announced plans to begin supporting digital assets on its network.
In the third quarter of 2021, Mastercard acquired a blockchain forensics firm CipherTrace as the company hopes to adopt central bank digital currencies and stablecoins in the future.
In October, Mastercard also partnered with digital asset exchange Bakkt to expand the scope of its cryptocurrency service delivery to banks and financial institutions.
Recently, Mastercard made another huge announcement, stating that it will launch crypto-linked payment cards in the Asia Pacific region. The firm has partnered with Hong Kong-based Amber Group, Thailand-based Pitkub and Australian crypto exchange CoinJar.
Once the new service is launched, users would be able to instantly convert their cryptocurrencies into fiat currency which can be spent everywhere Mastercard is accepted, rather than having to transfer digital assets to a merchant.
While specific cryptocurrencies that will be supported have not been highlighted by the payment firm, Mastercard stated that Bitcoin and Ether are two digital assets that are already accepted by some merchants.
According to Mastercard, the collaboration between the aforementioned partners adhere to the firm’s core principles, including that any cryptocurrency must offer stability, regulatory compliance and consumer protection.
