Mastercard Rolls Out Crypto-Backed Cards To Millions Of Users Throughout Asia
Mastercard is ushering crypto into the Asia-Pacific region with its Bitcoin and crypto-backed cards.
Covered:
- The Mastercard Deal
- Where Else Is Crypto Being Adopted?
- Is Visa Next?
Mastercard is embracing the adoption of cryptocurrency with the launch of its crypto-backed cards. Mastercard users throughout the Asia-Pacific (APAC) will be able to instantly convert their crypto into traditional fiat currencies to spend everywhere that Mastercard is accepted.
The Mastercard Deal
To make the innovation possible, Mastercard is partnering with three digital asset service providers, Amber Group, Bitkub, and CoinJar, according to the company’s statement.
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Rama Sridhar, Mastercard’s business strategist who leads the growth diversification efforts throughout the APAC, thinks that crypto is a disruptive technology that’s rapidly emerging with real-world applications.
“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.”
The announcement couldn’t have come at a better time for the APAC. According to the latest Mastercard New Payments Index, 45% of APAC survey participants say they are likely to consider using cryptocurrency in the next year – a massive jump up from the 12% that already used it in the last year, and higher than the global average of 40%.
Where Else Is Crypto Being Adopted?
As Mastercard opens the flood gates for Bitcoin, Ethereum, and other crypto assets to spread throughout the APAC, crypto adoption is surging all throughout the world.
Crypto adoption in Africa has also been on the rise throughout 2021. After Nigeria initially banned crypto from the country, in September the Nigerian SEC came out saying that they consider digital assets to be considered ‘securities’ unless proven otherwise, suggesting that they may be open to crypto.
In more recent news, rumors of Zimbabwe adopting Bitcoin have been bubbling up online following a local news outlet’s story that the country is reportedly “still trying to understand and properly trying to create policies on how to deal with [crypto].”
Data from Chainalysis’s 2021 global crypto adoption index shows that Vietnam is currently leading the world in crypto usage, followed by India, Pakistan, and Ukraine. The United States is currently ranked 8th.
Is Visa Next After Mastercard?
Mastercard’s major competitor has also been vocal about its desire to embrace crypto. Visa announced in July that it wanted to expand the crypto ecosystem, and is currently testing Bitcoin payments in Brazil.
Visa made waves in the crypto space back in August when they purchased a $150,000 non-fungible token (NFT). With Mastercard officially beginning the rollout of its crypto-backed cards, the payment provider’s next head-turning move in crypto could be right around the corner.
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Text source: CryptosRus
