Payment card network Mastercard partnered with Amber, Bitkub and CoinJar and launched cryptocurrency-linked payments cards in the Asia-Pacific region, that will enable users to convert their digital assets into fiat currency, the company announced.
The alliance with Hong Kong’s Amber Group, Thailand’s Bitkub, and Australia’s CoinJar will allow consumers and businesses in the Asia Pacific region to apply for crypto-enabled credit, debit, or pre-paid cards, which can be spent anywhere Mastercard is accepted.
The three companies are the first APAC-based crypto firms to join Mastercard’s global Crypto Card Program, which aims to streamline and speed up the process of bringing secure, compliant payment cards to market.
According to a Mastercard survey, 45 percent of those surveyed in APAC say they are likely to consider using cryptocurrency in the next year.
“The Crypto Card Program meis part of Mastercard’s strategy in the digital assets space to help provide customers, merchants and businesses with more choice in how they move digital value,” the release stated.
The company also noted that Mastercard works to support participating FinTech companies by “reducing barriers to entry, streamlining the onboarding process and offering access to dedicated FinTech and digital asset experts, and in-market teams to accelerate their growth and execution.”
