Mastercard has plans to launch Bitcoin-pegged debit, credit and prepaid payment cards in Asia Pacific, which will allow businesses and consumers to pay for purchases with cryptos.
The partners of the Mastercard Crypto Card initiative are Hong Kong-based startup Aber Group as well as cryptocurrency exchanges CoinJar and Bitkub from Australia and Thailand, respectively.
The program aims to reduce barriers to entry, streamline the onboarding process and provide access to fintech experts.
The offer implies instant conversion of digital assets into fiat at the time of payment.
Rama Sridhar, Executive Vice President of Digital Partnerships Asia Pacific at Mastercard, said:
“As interest and attention in cryptocurrencies grows, use cases are moving beyond speculation. We will provide more choice and payment options.”
Mastercard expanded in July its card program for crypto companies to make it easier to convert digital assets to fiat.
A survey conducted in spring by the payment company showed four out of ten of its customers plan to use digital currencies in 2022.