Mastercard has launched a cryptocurrency-related payment card in the Asia-Pacific region. This was directly conveyed by Mastercard through a press release on Monday. Later this cryptocurrency payment card will allow customers in a number of regions to instantly convert their digital assets into fiat currency for the first time. According to a Mastercard press release, the company has entered into partnerships with digital asset services companies Amber Group, Bitkub and CoinJar to enable consumers and businesses across Asia Pacific to obtain crypto-linked Mastercard credit, debit and prepaid cards.
The three companies will also join Mastercard's global Crypto Card Program to become the first Asia Pacific-based digital asset service provider on the list. The program aims to make crypto transactions as smooth as possible. "Collaborating with these partners adhere to the same core principles as Mastercard does - that any digital currency must offer stability, regulatory compliance and consumer protection," said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payments. Flows Asia Pacific Mastercard.
The Crypto Card program is part of Mastercard's strategy in the digital asset space to help give customers, merchants and businesses more choice in how they move digital value. "Mastercard is expanding what is possible with cryptocurrencies to give people greater choice and flexibility in how they pay." Additionally, as part of the Crypto Card Programme, Mastercard supports participating fintech companies by reducing barriers to entry, streamlining the onboarding process and offering access to fintech experts and specialized digital assets, and in-market teams to accelerate their growth and execution.