The card giant will enable customers in the region to convert cryptocurrency to fiat for payments.
Mastercard has formed partnerships with digital asset service companies Amber Group, Bitkub and CoinJar in order to allow consumers and businesses across Asia Pacific to obtain crypto-linked Mastercard credit, debit and prepaid cards, the company said in a statement Monday.
- Cardholders can now instantly convert their cryptocurrencies into a traditional fiat currency that can be spent everywhere that Mastercard is accepted.
- Mastercard’s partners for this initiative are the first Asia Pacific-based cryptocurrency platforms to join Mastecard’s global Crypto Card Program, according to the statement.
- Some 45% of those surveyed in Asia Pacific said they are likely to consider using cryptocurrency in the next year, and 12% said they used crypto in the last year, according to the latest Mastercard New Payments Index.
- Mastercard said in late October it was working with digital asset platform Bakkt to allow merchants and banks in the U.S. to build cryptocurrency into their offerings.