Mastercard to support crypto-backed debit and credit cards

This year, Mastercard has explored major avenues in the cryptocurrency sector, following major growth in this sector. The global payments giant has a presence in over 210 countries, giving it a large target audience for its crypto offerings.

Taking crypto offerings to the APAC region

In the recent development, MasterCard announced that it would be launching its crypto offerings in the Asia Pacific region. The payments giant form will allow consumers and merchants in this region to apply for crypto-backed Mastercard credit, debit and prepaid cards.

Through these cards, users can automatically convert their cryptocurrencies into fiat currency. Besides, the cards can also be used in any of the 210 countries where Mastercard is accepted.

Mastercard will collaborate with three major digital asset service providers: Bitkub in Thailand, CoinJar in Australia, and Amber Group to make this new service possible. The three firms offer cryptocurrency brokerage services in their respective domestic markets.

The announcement read,

Mastercard and crypto

Mastercard has been a major supporter of cryptocurrencies, with its objectives being to tap into the growing demand for these products across the market. According to the firm, the APAC region is seeing major growth in crypto adoption, with 45% of people stating that they are likely to consider cryptocurrencies over the next year.

In late October, Mastercard partnered with Bakkt to bring cryptocurrencies to merchants, banks and fintechs that use its services. Through the partnership, Mastercard noted that it would start offering cryptocurrencies as a part of its loyalty program.

In a recent earnings call, the CEO of Mastercard, Michael Miebach, stated that the payments processing firm would develop an infrastructure that will act as a bridge between a central bank digital currency and fiat currency. Through this initiative, Mastercard hopes to create a “safe space” where the government and the private sector can work together.