MasterCard Launches Crypto Payment Cards that will Allow Holders to Convert Their Cryptocurrency into Fiat Currency Instantly

Alt: = "photo showing bitcoin logo and Maastercard logo"

Payment system giant, Mastercard has launched crypto-linked payments cards that will allow holders to instantly convert their digital assets into fiat currency, Business Insider reports

The cryptocurrency-linked payments cards, according to information released by Mastercard on Monday will be available in the Asia-Pacific region that will allow holders to instantly convert their digital assets into fiat currency.

This will be the pioneer card to allow instant conversion of digital assist into fiat currency. The company says it seeks to break any barrier in transaction. 

“The cards seek to remove any barrier between merchants who do not accept digital assets as payment and customers who want to pay in crypto.”

Alt: = "photo showing Mastercard, Bitkub, CoinJar and Amber logos"

Mastercard partners  with Hong Kong's Amber Group, Thailand's Bitkub, and Australia's CoinJar  to provide the service.

Consumers and businesses in the region can apply for crypto-linked credit, debit, or pre-paid cards, which can be spent anywhere Mastercard is accepted.

The three firms will also join Mastercard's global Crypto Card Program to become the first Asia Pacific-based digital asset service providers on the roster. The program is aimed at making crypto transactions as seamless as possible.

Data from the Mastercard New Payments Index revealed that 45% of those surveyed in the Asia-Pacific region are likely to consider using crypto next year - a 12% jump from the previous year. The rate is also slightly higher than the global average of 40%.

Mastercard has been among the companies at the forefront of digital-asset integration. In July, the company upgraded its crypto card to allow customers to use stablecoins to make purchases. And in October, it partnered with digital asset platform Bakkt to enable consumers to buy, sell, and hold digital assets through custodial wallets.

Total market capitalisation of cryptocurrency is currently at all time high of $3 trillion

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