Mastercard announced recently that it has teamed up with cryptocurrency service providers Amber Group, Bitkub in Thailand, and CoinJar in Australia to launch crypto-funded payment cards in Asia Pacific.
For the first time, consumers and businesses in the region will be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards that will enable them to instantly convert their cryptocurrencies into traditional fiat currency, the firm noted.
Rather than directly transferring cryptocurrencies to a merchant, users of crypto-funded payment cards will be able to instantly convert their cryptocurrencies into traditional fiat currency which can be spent everywhere Mastercard is accepted around the world, both online and offline, the firm said.
Currency will always enter Mastercard’s network as traditional fiat currency, the firm added.
According to the latest Mastercard New Payments Index, 45% of those surveyed in Asia Pacific say they are likely to consider using cryptocurrency in the next year, versus the 12% that already used it in the last year, and higher than the global average of 40%, Mastercard said.