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Mastercard launches crypto-linked payment cards across Asia Pacific

Nov 12, 2021

It’ll be easier for consumers and corporates to spend cryptocurrency on physical or digital Mastercard payment cards

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Mastercard launches crypto-linked payment cards across Asia Pacific. Source: mastercard.com

Mastercard has announced the launch crypto-funded payment cards across the Asia Pacific region. The company partnered with Amber Group, Bitkub in Thailand, and CoinJar in Australia, all of which offer cryptocurrency purchase and exchange services in their domestic markets. These companies are the first APAC-based cryptocurrency platforms to join Mastercard’s global Crypto Card Program.

According to the press release, for the first time, consumers and businesses in the Asia Pacific region will be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards. They will be able to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted.

This announcement comes at a time when interest in cryptocurrencies is at an all-time high across the Asia Pacific region. According to the latest Mastercard New Payments Index, 45% of those surveyed in APAC say they are likely to consider using cryptocurrency in the next year – a huge jump over the 12% that already used it in the last year, and higher than the global average of 40%.

Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative. 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
Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard

We’ve reported that Amazon customers will be able to pay with Venmo.

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