The news of new partnership between Mastercard and leading cryptocurrency companies is flourishing. On 8 November 2021, Monday, Mastercard announced its partnership with famous cryptocurrency companies leading in the Asia Pacific. These three cryptocurrency companies is given below:
- Amber Group based in Hong Kong is a crypto trading startup.
- CoinJar based in Australia is a cryptocurrency exchange company.
- Bitkub is a bank-owned exchange platform by Siam Commercial.
What are the benefits of Mastercard’s partnership with APAC?
By signing the contract Amber, CoinJar, Bitkub and Mastercard (APAC) participated in global Crypto Card Program. Ultimately, the purpose of this coalition is to allow hassle-free payment for its customer. All the people accepting Mastercard payments are eligible. This partnership will be of great benefit to the customers as they will receive stable payments, and they will regulate according to compliance.
The concept of this partnership allowed an innovation as Mastercard has released crypto-linked debit, credit, and prepaid cards. The company came with this decision after analyzing the future situation. As per the report, there will be around 45% of people from the Asia Pacific are likely to use cryptocurrency in the coming year. Also, in the previous year, around 12% of people in the Asia Pacific used cryptocurrency.
These payment cards by Mastercard will allow its customers to directly convert cryptocurrency into traditional fiat currency. The card by the company will allow big corporate house and small retailers to spend cryptocurrency on physical goods too.