What if you could pay for your everyday purchases in crypto? We are getting closer and closer with the creation by MasterCard of a crypto payment card! Granted, this card is only available in the Asia-Pacific region at the moment. However, this announcement once again demonstrates that institutional players are ready to offer ever more crypto services to their clients.
We could feel it coming… Just a few days ago, the giant MasterCard announced the launch of a card that integrates crypto reward systems. This time, MasterCard goes even further! The company has just announced the creation of a crypto payment card!
A crypto payment card launched by MasterCard in Asia-Pacific
The MasterCard company has just announced Monday, November 8 the creation of a crypto payment card ! This card (debit, credit or prepaid) will be able to manage cryptos. Concretely, what changes?
Until now, if you wanted to pay with your crypto, you had two options. First, you could ‘convert’ your cryptos into fiat currency on an exchange. You could also send directly your cryptos on the address of merchants who accept crypto payments.
This new card offered by MasterCard will make it possible to directly and instantly convert your crypto into fiat currency. This card will work with all merchants who use the MasterCard network. The creation of this bank card is the result of a collaboration between MasterCard and three crypto firms: Bitkub, Amber Group and CoinJar.
“In collaboration with these partners (Bitkub, Amber Group and CoinJar) who adhere to the same fundamental principles as Mastercard – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is extending the realm of possibilities with cryptocurrencies in order to give people more choice and flexibility in terms of payment. Rama Sridhar, Executive Vice President of Digital and Emerging Partnerships at MasterCard
At the moment this map is only available in the Asia-Pacific region. This choice follows a study previously launched by the firm in this region. The results showed that nearly 45% of those surveyed were ready to use cryptos in 2022.
Finally, few details have filtered out on the cryptos managed by this new card. However, it seems logical to think that major cryptos like Bitcoin and Ethereum will be affected.
MasterCard, a payment giant that is getting closer and closer to cryptos!
This announcement is not much of a surprise to those interested in crypto news. In fact, it is part of a company strategy which aims to be increasingly open to cryptos in 2021.
In February 2021, the company announced its intention to allow the use of cryptos on its network. Last September, MasterCard took possession of the firm CipherTrace with the aim of eventually managing electronic currencies (CBDCs) and stablecoins. Finally, last October, MasterCard announced the launch of a card in the United States capable of managing reward programs (cashback, loyalty points, etc.) in crypto.