Mastercard launches cryptocurrency-linked payment cards

Users will be able to convert crypto into traditional fiat money.

Mastercard is partnering with three cryptocurrency providers in APAC to launch crypto-linked payment cards, according to a press release.

Consumers and businesses who use these cards will be able to convert their cryptocurrencies into traditional fiat money, which they can then spend everywhere Mastercard is accepted globally, both online and offline.

The three digital asset service providers—Amber Group and Bitkub in Thailand, and CoinJar in Australia—are the first APAC-based crypto platforms to join the payments network’s global Crypto Card programme. All three offer crypto purchase and exchange services in their respective domestic markets.

“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative,” said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.

“In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection—Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay,” she added.