The region’s first crypto-linked payment cards will be launched by MasterCard in collaboration with three crypto service providers across Asia-Pacific. Amber Group, Bitkub in Thailand, and Coinjar in Australia are the three partners. Each company offers cryptocurrency exchange services in its respective country. Mastercard will launch crypto-funded Mastercard payment cards in partnership with them.
The announcement also added “For the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit or prepaid cards. The cards will enable them to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.”
Founded in Asia, the three companies are the first crypto platforms in the region to join Mastercard’s global Crypto Card Program. The program was designed to simplify and accelerate the creation of compliant payment cards for crypto firms as consumers increasingly seek secure and efficient methods to fund everyday transactions.
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The payments giant also added “This announcement comes at a time when interest in cryptocurrencies is at an all-time high across the Asia Pacific region.”
Mastercard announced last month it has partnered with cryptocurrency exchange platform Bakkt to make it easier for merchants, banks, and fintech in the U.S. to embrace and offer a wide range of cryptocurrency solutions and services.