Soon you will be able to convert cryptocurrencies to fiat and vice versa, instantly via Mastercard payment cards, which means that there is no need to use merchant and intermediary conversion services when using the payment card. Mastercard, the global payment company, is rolling out the service in Asia Pacific in partnership with regional digital asset service providers Amber, Bitkub and CoinJar.
Converting now easier than ever
The company announced the launch of the service on Monday, adding that businesses and consumers will be able to apply for Mastercard credit, debit or prepaid cards linked to cryptocurrencies that can enable this conversion and spending of cryptocurrencies wherever Mastercard is accepted.
“Cryptocurrencies are many things to people: a investment, a disruptive technology or a unique financial instrument. With increasing interest and attention from all sides, their real-world applications are emerging beyond speculation, ”said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard .
Without the instant conversion service, Mastercard customers usually have to go through lengthy crypto to fiat and fiat to crypto conversion procedures. They would require you to first deposit the cryptocurrency or money they want to convert into an exchange or service that allows them to do so, which means additional fees, delays, and additional verification procedures.
Not all cryptocurrencies will be supported
The company said that although many merchants already support payments for goods and services with cryptocurrencies, this means of payment is not yet extensive. He said the new service on the Crypto Card program responds to global and regional demand for cryptocurrencies as a payment method, with more people in Asia Pacific - or 12% are expected to use digital currencies for payments in the next year according to the index company. of recent payments. 45% of people surveyed in the Asia Pacific region said they are considering using cryptocurrencies in the next year, a figure higher than the global average of 40%.
The new service will help customers, merchants and businesses move digital and traditional value the way they want. The company, however, explained that it does not intend to support all cryptocurrencies for these instant cryptocurrency and fiat conversions. It could start with stablecoins, which it considers to be more stable, regulated, and aligned to meet its compliance measures.
Mastercard did not disclose when / if the service will be extended to other regions, but hinted that it could work with more similar service providers in other regions as long as they adhere to Mastercard's core principles of stability, regulatory compliance and consumer protection in the services provided. .
