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Payment giant MasterCard is working with three encryption service providers to launch encryption-related payment cards for the Asia-Pacific region. “Consumers and businesses in the Asia-Pacific region will be able to apply for encryption-related MasterCard credit, debit or prepaid cards for the first time,” MasterCard said.
The first mastercard linked to cryptocurrency in the Asia-Pacific region
MasterCard announced on Monday that it has partnered with three encryption service providers in the Asia-Pacific region to “launch the region’s first encryption-related payment card.”
The three partners are Amber Group, Thailand’s Bitkub and Australia’s Coinjar. All three companies provide cryptocurrency exchange services in their respective domestic markets. The announcement stated that in cooperation with MasterCard, they “will launch a MasterCard payment card funded by cryptocurrency” and added:
Consumers and businesses in the Asia-Pacific region will be able to apply for encryption-related MasterCard credit, debit or prepaid cards for the first time.
These cards “will enable them to instantly convert their cryptocurrency into traditional legal tender, which can be used anywhere in the world where Mastercard is accepted.”
These three companies “are the first Asia-Pacific cryptocurrency platform to join the MasterCard Global Encryption Card Program, which aims to make it easier and faster for cryptocurrency companies to bring secure and compliant payment cards to the market because consumers Increasingly seek to securely fund daily transactions and effectively use digital currencies,” the payment giant explained, adding:
The announcement comes at a time when interest in cryptocurrencies in the Asia-Pacific region has reached an all-time high.
Last month, MasterCard Announce It cooperates with the cryptocurrency trading platform Bakkt to “make it easier for U.S. merchants, banks and financial technology companies to accept and provide a wide range of cryptocurrency solutions and services.”
What do you think of MasterCard providing encryption cards in the Asia-Pacific region? Let us know in the comments section below.
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