The success of crypto continues and institutional investors like Mastercard are jumping on the bandwagon. Indeed, cryptos have not only invaded the front pages of newspapers but are also taking an increasingly important place in everyday life and in future projects.
One of the main innovators in the field of crypto technology remains Mastercard, which continuously announces plans for integration with the financial system. The company releases new tools almost every month in partnership with blockchain players.
Simplified use of cryptos
To enable the simplification of crypto transactions, Mastercard has partnered with Asia-Pacific-based crypto-currency service platforms such as Amber Group, Bitkub, and CoinJar to launch crypto payment cards. These will allow users around the world to convert digital tokens into traditional fiat currency.
The launch serves as a pilot project while the selected partners are the first in the region to become part of Mastercard’s global crypto card program. Amber Group operates in South Korea, Taiwan, and Hong Kong, while Bitkub and CoinJar operate in Thailand and Australia respectively.
The concept offered by Mastercard allows customers to pay for purchases by instantly converting their crypto-currencies into traditional fiat currency, which can be spent anywhere Mastercard is accepted, whether online or offline. This is instead of transferring crypto-currencies directly to a merchant. The currency will still enter Mastercard’s network as a traditional fiat currency.
Cryptos have moved beyond the curiosity stage
Rama Sridhar, Mastercard’s executive vice president for digital and emerging partnerships and new payment streams for the Asia-Pacific region said, “Crypto-currencies represent many things to people – an investment, a disruptive technology or a unique financial tool. While interest and attention is skyrocketing from all sides, their real-world applications are now beyond speculation.”
Indeed, Mastercard claims that 45% of customers in the Asia-Pacific region intend to use crypto-currencies by 2022. It is one of four emerging payment methods, alongside QR codes, biometrics and contactless, with 94% of consumers planning to use at least one of them.
The firm also adds that millennials were more willing, compared to the general population, to use and learn about crypto-currencies.
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