Mastercard Expands Support for Cryptocurrency-Linked Credit, Debit, and Prepaid Cards in APAC

Mastercard is teaming with Amber Group, Bitkub, and CoinJar to launch cryptocurrency-backed credit and debit cards in the APAC area. Mastercard is broadening its horizons by entering the Asia Pacific market with cryptocurrency payments.

According to official data, Mastercard has established the world’s most widespread payment network, with more than 36 million points of sale in more than 210 countries.

Despite the fact that Mastercard’s accepted currencies and payment methods number in the hundreds, the company has been evaluating cryptocurrency compatibility for some time. Now, it has formed a relationship with the Hong Kong-based financial services provider Amber Group, the Thai cryptocurrency exchange Bitkup, and the Australian cryptocurrency buying and selling service CoinJar.

The cooperation intends to provide a cryptocurrency-linked payments card service in the Asia-Pacific area, allowing customers to pay for products and services using their cryptocurrencies, in the same manner, they would with normal fiat money.

In theory, customers would swipe their cards to pay the vendor for the amount requested. Following that, a direct connection would be established with the respective exchange in order to convert the cryptocurrencies to fiat money instantaneously. This money would then be transferred across the Mastercard network, completing the payment in a near-instantaneous and low-cost manner.

According to official Mastercard literature, the agreement will enable users to utilize debit, credit, and prepaid cards, significantly expanding the possibilities available to crypto fans, who were previously confined to debit card alternatives.

Additionally, Amber Group, Bitkup, and CoinJar will be the first APAC-based cryptocurrency platforms to join Mastercard’s global Crypto Card Program, a Mastercard effort designed to protect and effectively serve the cryptocurrency payments market.

Despite its present focus on innovation in order to give support for digital currencies, the corporation has historically taken a negative position against the industry.

Ajay Banga, President, and CEO of Mastercard stated in 2018 that cryptocurrencies were worthless due to their anonymity, decentralized nature, and lack of stability.

“I believe cryptocurrency is worthless…. The concept of anonymous currency produced by people who have to mine it and whose value can fluctuate wildly is not, in my opinion, a method that any medium of trade deserves to be labeled a medium of exchange.”

However, the passage of time appears to have demonstrated that Mr. Banga was incorrect and that cryptocurrencies were on their way to revolutionizing the world of money. In 2020, and particularly in 2021, the firm began to adopt a more crypto-friendly stance.

For example, Mastercard estimated in May that over 40% of its user base would be utilizing cryptocurrencies within months, while in July, a partnership between Circle and Mastercard enabled the settlement of USDC payments via the Mastercard Network.

Now, Mastercard’s CEO feels the corporation must enter the bitcoin industry. Not bad for a technology that was called “trash” just three years ago.

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