Mastercard enters the Asia-Pacific market, launching a cryptocurrency financial card! Convenient for converting to fiat currency for payments

Payment giant Mastercard has been active recently, acquiring cryptocurrency intelligence company CipherTrace in September and partnering with digital asset platform Bakkt in October. Yesterday, on the 9th, Mastercard announced its entry into the Asia-Pacific market by launching a payment card related to cryptocurrency.

Mastercard's Asia-Pacific Development

Mastercard recently partnered with three cryptocurrency service providers in the Asia-Pacific region, namely Amber Group in Hong Kong, Bitkub in Thailand, and CoinJar in Australia. These companies are the first to join Mastercard's "Global Crypto Card Program" in the Asia-Pacific region, aiming to enable cryptocurrency companies to bring secure and compliant payment cards to market more easily and quickly.

Through collaboration with Mastercard, these three companies can now offer Mastercard payment cards with cryptocurrency funding. This marks the first time that consumers and businesses in the Asia-Pacific region can apply for credit and prepaid cards related to cryptocurrencies.

While some merchants currently accept cryptocurrencies like Bitcoin or ETH as payment, it is not yet widespread. Mastercard's ability to instantly convert users' cryptocurrencies into fiat currency and make payments anywhere Mastercard is accepted greatly enhances convenience.

Strong Interest in the Asia-Pacific Region

According to Mastercard's Payment Index Report in May 2021, nearly 45% of respondents in the Asia-Pacific region are considering using cryptocurrencies next year, higher than the global average of 40%. Additionally, about 68% of respondents plan to reduce their cash usage and consider trying digital or e-wallets next year. Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia-Pacific at Mastercard, commented on this trend:

Consumers in the Asia-Pacific region have shown a willingness to embrace new technologies and innovations, a trend that is being recognized globally. As more digital payment methods become mainstream, this trend will only continue.

Predecessor CRO Visa Card Issues

Cryptocurrency financial services company Crypto.com previously collaborated with Visa to launch the CRO Visa Debit Card, which also allows for converting cryptocurrencies into fiat for payments, with CRO as a reward. However, applying for the card requires staking a certain amount of CRO for six months, reducing the efficiency of fund utilization and exposing users to volatility risks. Additionally, due to the high number of current applicants, the approval process often takes several months. Details of the cryptocurrency card launched by Mastercard are not yet clear, and whether it will encounter similar challenges remains to be seen.

Last week, Coinbase officially listed CRO, which has since surged by 79%.