Mastercard Inks Deals to Launch Crypto-linked Payments Card in Asia Pacific
Key takeaways:
- Mastercard has signed multiple partnerships with popular APAC crypto companies to roll out cryptocurrency-linked cards.
- According to a recent Mastercard survey, around 50% of consumers in the Asia Pacific region are open to making crypto payments in 2022.
Mastercard has entered partnerships with a trio of popular financial services companies in the Asia Pacific region. The company has forged partnerships with digital asset service companies which include CoinJar, Bitkub, and Amber Group. These are the first virtual currency firms in APAC to join Mastercard’s Crypto Card Program.
These partnerships will enable businesses and consumers across the Asia Pacific to obtain crypto-linked Mastercard debit, prepaid, and credit cards.
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Mastercard’s growing crypto adoption
Mastercard has taken huge strides to provide customers with more flexibility in how they pay, especially in the APAC region.
Rama Sridhar, Mastercard’s Executive Vice President, Digital and Emerging Partnerships gave his word on the recently formed partnerships. He said that these deals fall in line with Mastercard’s core principles. According to Mastercard, digital currency should offer stability, regulatory compliance, and consumer protection.
He further added that people view cryptocurrencies in different ways. While some look at it as a unique financial tool, it is an investment for others.
Due to these partnerships, merchants in the APAC region will be able to obtain crypto-compatible prepaid, debit, credit cards.
Mastercard initially announced plans to support cryptocurrency on its network in February this year. Ever since the company has continued to express great interest in digital assets.
For instance, in October, Mastercard joined hands with crypto exchange Bakkt to expand its scope of crypto service.
Mastercard’s Crypto Card Program
The company’s crypto card program is an essential part of Mastercard’s strategy in the digital assets space. The strategy is to offer customers, businesses, and merchants additional choices in how they move digital value.
Mastercard is supporting fintech companies who are participating in their program by reducing entry barriers, making onboarding easier, and providing access to digital assets and Fintech experts.
In other Mastercard news, the company has rolled out a buy now pay later (BNPL) card to offer flexible financing options for small businesses in APAC. This move also falls in line with Mastercard’s goal of providing seamless and flexible payment options to customers in the APAC region.
This launch will also pave the way for credit rating for businesses. This rating can be used for even better credit products as the business expands.
SEE ALSO: Fintech heavyweights Klarna and Stripe join forces to expand ‘buy now pay later’ offering
Feature Image Source: Image by Alina Kuptsova from Pixabay
