Mastercard, the centralized payment processing giant is making big strides in the crypto world and n0w it is planning to push crypto card services in the Asia Pacific region. The firm has partnered with three digital asset firms from the region that would allow native customers to convert their Bitcoin and other crypto-assets into fiat. The three partner firms include Hong Kong’s crypto finance firm Amber Group, Thailand’s crypto exchange Bitkub and Australia’s trading platform Coinja.
The three firms would help Mastercard to issue crypto-linked debit, credit, and prepaid cards for individuals as well as business owners. The move is said to be inspired by the growing interest of the local population towards digital assets. A recent survey in the Asia Pacific region revealed that 45% o of the consumers in the region plans to invest in digital assets in the next year, which is 5% higher than the global average and Mastercard aims to bank on that.
“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,” said Rama Sridhar, Mastercard’s executive vice president who oversees digital partnerships in Asia Pacific, in the statement.
Mastercard Aims to Make Big in Crypto
Just a couple of years back, crypto transactions were often blocked by the Mastercard network, however, times have changed, and the payment processing giant is looking to become one of the key stakeholders in the crypto payment ecosystem. The fact that it has made three simultaneous partnerships in Asia Pacific regions explains the company really wants to capture a portion of one of the largest crypto transaction corridors.
Asia Pacific regions are also one of the largest crypto remittance markets with the likes of Ripple dominating the cross-border transfer services.