MasterCard has announced partnerships with Amber Group in Thailand, Bitkub in Australia, and CoinJar in Thailand, which offer cryptocurrency exchange services in their respective markets.
These partnerships will result in payment cards through which users can exchange digital tokens for traditional fiat currency around the globe.
These three crypto companies are the first to join Mastercard’s global program for crypto cards.
As an alternative to transferring cryptocurrencies directly to a merchant, these cards can be used to instantly convert cryptocurrencies into fiat currency, which can be used worldwide, online and offline, wherever Mastercard is accepted.
Whenever the currency enters Mastercard’s network, it will be classified as fiat currency.
According to MasterCard’s report, 45% of Asia Pacific customers plan to use cryptocurrency in the next year. Ninety-four percent of consumers are considering at least one of these payment methods, including QR codes, biometrics, and contactless, and 64 percent have already tried new payment methods they wouldn’t have tried the previous year.
It is also reported that 71% of millennials are also more open to using cryptocurrency than they were a year ago.
Thus, the next generation is likely to be more open to learning about and using cryptocurrencies, increasing their use and popularity.
