Mastercard partnered with three Asia-based cryptocurrency companies to establish a bitcoin payment card. The three digital asset platforms include Hong Kong's crypto finance firm Amber Group, Thailand's crypto exchange Bitkub, and Australia's trading platform Coinjar.
The partnership intends to allow consumers to convert bitcoin and other cryptocurrencies into fiat currencies. Mastercard is set to introduce crypto-linked credit, debit, and prepaid cards for individuals and businesses across Asia Pacific in partnership with the aforementioned platforms. Cardholders will be able to instantly convert bitcoin and other digital currencies into fiat to use for online or offline shopping. The new offering is limited to merchants that accept Mastercard payments.
The collaboration results from a growing interest in cryptocurrencies at an all-time high rate in the region.
Crypto Payment Conversion Cards
Mastercard and Three Crypto Companies Launch Bitcoin Payment Cards
Trend Themes
1. Crypto Payment Cards - Mastercard and three crypto companies are introducing crypto-linked credit, debit, and prepaid payment cards for individuals and businesses in Asia Pacific.
2. Cryptocurrency Conversion Services - The partnership will enable consumers to convert cryptocurrencies into fiat currencies instantly for online or offline shopping.
3. Growing Interest in Cryptocurrencies - The collaboration comes amid mounting interest in cryptocurrencies across Asia Pacific.
Industry Implications
1. Payment Services - The introduction of crypto payment cards presents an opportunity for payment service providers to expand their offerings to cater to the needs of the growing cryptocurrency market.
2. Cryptocurrency Exchanges - Crypto exchanges can leverage the collaboration to provide conversion services between fiat and cryptocurrencies to their customers, ultimately increasing their customer base.
3. Retail - Retailers that accept Mastercard payments can benefit from the partnership by offering a new payment option to customers who hold cryptocurrencies, potentially increasing sales.