.Mastercard has finally launched its crypto-linked payment cards for the Asia-Pacific region. They have partnered up with 3 crypto service providers to make this possible. These cards will be available in all three formats, credit, debit, and prepaid, and anyone can apply for the same in this particular region. It will also be available for both businesses and consumers.
Mastercard’s crypto-linked payment cards
The company is 2nd largest card provider in the world after Visa, and it is great to see that they are doing something in the crypto space. Mastercard has partnered up with Amber Group, Bitkub, and Coinjar to make this possible. All these 3 companies are offering crypto exchange services in their respective countries. Therefore, the partnership between Mastercard and the companies will be fruitful for both.
The card will be similar to a standard credit or debit card. But in the case of this, the card won’t be backed by fiat but crypto. The idea of the cards is to convert the crypto into fiat directly before making a payment at the millions of stores and terminals where Mastercard is accepted. This means that users don’t have to go through the hassle of manually converting anything to fiat if they use the card.
Also, note that the exchanges chosen by Mastercard for this partnership have been a specific choice. The companies are the first APAC-based platforms that help it easier for firms to bring secure and compliant payment methods to the market. In the future, we can see more such exchanges and platforms and other companies partnering with them to bring the similar crypto-based product.
Awesome news for crypto
It is clear that every company is entering the crypto space in some way or the other. The adoption in the market is rising tremendously, and as companies push out applications of crypto, we can see even more usage. Crypto has the potential to become the 2nd most used medium of exchnage after fiat. And it might even topple it if things go the expected route.
What are your thoughts on the crypto-linked payment cards launched by Mastercard? And do you think users will spend their crypto holdings to buy stuff or would just prefer to hodl them? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.