Mastercard will launch debit, credit and prepaid payment cards linked to bitcoin in the Asia-Pacific region. They will allow businesses and consumers to pay for purchases with cryptocurrency.
The initiative’s Mastercard Crypto Card partners are the Hong Kong startup Aber Group, cryptocurrency exchanges CoinJar and Bitkub from Australia and Thailand respectively.
The program is designed to lower entry barriers, streamline the onboarding process and provide access to fintech experts.
The offering entails instantaneous conversion of digital assets into fiat at the moment of payment.
“As interest and attention to cryptocurrencies grow, use cases go beyond speculation. We will provide greater choice and payment options,” said Rama Shridhar, Executive Vice President of Mastercard for Digital Partnerships in the Asia-Pacific region.
In July, Mastercard expanded the card program for crypto firms to simplify the conversion of digital assets into fiat.
A spring survey conducted by the payment system showed that four in ten of its clients planned to use digital currencies in 2022.
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