Mastercard launches crypto payment cards in Asia Pacific

Mastercard has partnered with Asia Pacific-based cryptocurrency services platforms Amber Group, Bitkub, and CoinJar to launch payment cards, which will let users worldwide convert digital tokens into traditional fiat currency.

Amber Group has a presence in South Korea, Taiwan, and Hong Kong, while Bitkub and CoinJar operate in Thailand and Australia, respectively. These three crypto companies are the first in the region to be part of Mastercard’s global crypto card program.

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Instead of directly transferring cryptocurrencies to a merchant, customers can use these cards to instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere Mastercard is accepted, whether online and offline. The currency will always enter Mastercard’s network as traditional fiat currency.

“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,” said Rama Sridhar, Mastercard’s executive vice president for digital and emerging partnerships and new payment flows for the Asia Pacific.

Mastercard’s data shows that 45% of Asia Pacific customers have plans to use cryptocurrency in 2022. It is one of four emerging payment methods, alongside QR codes, biometrics, and contactless, with 94% of consumers considering using at least one of them.

The report also found that millennials were more willing compared with the general population to use and learn about cryptocurrency.