Mastercard, a payment processing giant, is quietly committed to making great strides in the world of crypto and is planning to make crypto bank card services widespread in Asia Pacific.
The company has reportedly partnered with three digital asset firms from the region that will allow users to convert Bitcoin and their other crypto sets to fiat. The three firms in question are Hong Kong crypto finance firm Amber Group, Thai crypto exchange Bitkub and Australian trading platform Coinja.
All three firms will help Mastercard issue crypto-bound debit, credit and prepaid cards for business owners as well as individuals. Among the important factors that prompted Mastercard to take this step is due to the growing interest of locals in crypto assets.
A recent survey in the Asia Pacific region revealed that 45% of consumers in the region plan to invest in crypto assets next year, which is 5% higher than the global average.
According to Mastercard's executive vice president who oversaw the project, he is of the view that the core principles will remain in place, namely stability, regulatory compliance and consumer protection. Mastercard’s offering of crypto asset services will give people greater choice and flexibility in the way they make payments.
If you look back a few years ago, crypto transactions were often blocked by the Mastercard network. But now, the currents of time have changed it where Mastercard aspires to be a major player in the crypto ecosystem.
