In an important development, Mastercard has come together with some of the prominent service providers of cryptocurrency such as CoinJar, Bitkub, and Amber Group. This collaboration will manifest in the form of payment cards that are linked to Bitcoin and can be used for making payments in the region of Asia Pacific. It is important to note that all these firms from the Asia Pacific region have come together with MasterCard to support the latter’s global cryptocurrency card program.
According to the announcement made by the company, consumers, businesses, and other entities can apply for the cryptocurrency-linked Mastercard (Credit, Debit and Prepaid). These cards will enable customers to readily convert their digital currency into Fiat currency at all places where the Mastercard is accepted across the globe. The arrangement between the Mastercard and partnering organizations will be used in order to settle the payments associated with Bitcoin. Users will pay in terms of digital currency and an equivalent amount in fiat will be converted and accordingly, the payment will be made.
According to the executive Vice president of Mastercard’s digital and emerging partnerships in the Asia Pacific region, Ram Sridhar, this is an opportunity for the organization to tap into the growing potential of cryptocurrencies. Digital Coins has widened its adoption and applicability scope in the past few years and with this collaboration, Mastercard will help digital currencies to realize their full potential by bringing their real-world applications to the customers.
It is indeed a good opportunity for both cryptocurrencies, and Mastercard as synergies of both these domains are sure to rub off on each other. While this will help digital currencies to widen their reach among the target audience, the payment gateway Mastercard will further add heft to its dominance among contemporaries.
Mastercard had announced the launch of a simplified card payment method for cryptocurrencies in the month of July earlier this year. This method was launched with the intention to reduce friction and offer a wide variety of choices to the customers. This latest development is a logical step and will help the company to further streamline its operation related to operations of digital money.