For the first time, Mastercard has launched cryptocurrency-linked payment cards in the Asia-Pacific region, allowing holders to instantly convert their digital assets into fiat currency.
The cards are designed to remove any barriers that may exist between merchants who do not accept digital assets as payment and customers who wish to pay in cryptocurrency.
3 companies will also join MasterCard’s global Crypto Card Program, making them the first Asia-Pacific-based digital asset service providers on the roster. The program’s goal is to make crypto transactions as easy as possible.
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The launch comes as the total market capitalization for digital assets has recently surpassed $3 trillion for the first time, roughly the size of the entire UK economy.
MasterCard has been a pioneer in the integration of digital assets. The company upgraded its crypto card in July 2021 to allow customers to make purchases using stablecoins.
In addition, in October 2021, MasterCard partnered with digital asset platform, Bakkt, to allow consumers to buy, sell, and hold digital assets using custodial wallets.
MasterCard has previously committed to assisting central banks in the design and development of their own digital currencies which are digital tokens similar to cryptocurrencies but not decentralized.
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RECOMMENDED READING: We Want to Work with Wallets and Exchanges to Enable Users Buy and Sell Cryptocurrencies, Says CEO, VISA
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