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Mastercard Will Accept Bitcoin Payments Soon In Asia

Mastercard has announced a collaboration that would enable Bitcoin and cryptocurrency payments in the Asia-Pacific area to be made using physical or digital cards.Mastercard has announced a collaboration that would enable Bitcoin and cryptocurrency payments in the Asia-Pacific area to be made using physical or digital cards.

The company claims this in an official release, in which it announces a new relationship with three prominent APAC crypto service providers: Amber, Bitkub, and CoinJar.

As a result of this agreement, Mastercard payment cards that are funded with cryptocurrency will be available.

As a result, consumers and businesses in the Asia-Pacific area will soon be able to apply for Mastercard credit, debit, or prepaid cards, allowing them to instantaneously convert their cryptocurrencies into fiat currencies that can be used anywhere in the globe.

Similar services already exist on the market, but this time the push comes from Mastercard themselves, rather than a crypto partner issuing cards on the Mastercard circuit. While the service may ultimately be identical to existing crypto cards for the end user, Mastercard’s direct involvement is what distinguishes it here.

Amber Group is based in Hong Kong, Bitkub is based in Thailand, and CoinJar is based in Australia; all three companies already provide cryptocurrency purchasing and exchange services in their respective home countries.

They are the first crypto platforms situated in Asia-Pacific to join Mastercard’s Crypto Card programme.

Amber Group has raised $128 million in fundraising from investors including Tiger Global Management, DCM Ventures, Paradigm, Pantera Capital, Coinbase Ventures, Blockchain.com, Polychain Capital, Dragonfly Capital, and Fenbushi Capital.

Bitkub Capital Group Holdings is the startup with the greatest investment in Thai startup history, and it comprises four primary business groups that include digital asset exchange, consulting, blockchain technology development, and training.

Mastercard’s statement also reports that the announcement comes “at a time when interest in cryptocurrencies is at an all-time high across the Asia Pacific region”, so much so that according to the latest Mastercard New Payments Index, 45% of respondents in APAC say they are likely to consider using cryptocurrencies in the coming year.

Mastercard’s Crypto Card programme assists fintech organisations in lowering entrance barriers into the crypto realm by simplifying the onboarding process.

Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows for Asia Pacific at Mastercard, stated:

“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative. In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay”.