Mastercard wants to offer another avenue for users to pay using cryptocurrency tokens they own.
The company has recently partnered with Amber Group, Bitkub, and CoinJar, to roll out a new "crypto payments card" to the market.
- Mastercard's crypto payment cards will let users worldwide convert cryptocurrency tokens into traditional fiat currency when making payments.
- This will allow millions of cryptocurrency holders to make regular currency payments directly to merchants, without the hassle of transferring the tokens to merchants' "crypto wallets".
- Mastercard's partnership with Amber Group, Bitkub, and CoinJar will allow the firm to push its offerings across Asia Pacific more aggressively.
Why It Matters
- Mastercard's internal data has found that over 45% of Asia Pacific users already have plans to utilize cryptocurrency in 2022.
- The advent of the global pandemic coupled with new cryptocurrency wallets have made it possible for the average person to invest (and buy) tokens easily.
- Millennials have been found to be more willing to invest in cryptocurrencies, making them some of the largest holders of digital tokens — a future Mastercard wants to tap on.