Credit card giant Mastercard announced that it has agreed with three crypto companies in the Asia-Pacific region as part of its global crypto-backed credit card project.
Mastercard, which has signed an agreement with Bitkup in Thailand, Amber Group in Hong Kong and CoinJar in Australia, will offer its users in this region a crypto-backed credit card service that allows them to instantly convert their digital assets into traditional fiat currency.
The statement made by the company included the following statements:
“Instead of transferring cryptocurrencies directly to a merchant, cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency that can be spent both online and offline wherever Mastercard is accepted worldwide.”
Mastercard also noted that these partnerships are driven by interest in cryptocurrencies hitting an all-time high in Asia Pacific. In a survey conducted by the company in the region, 45% of consumers said they are considering using digital currencies within the next year.
As part of its crypto-backed credit card project, Mastercard announced in recent months that it has partnered with digital asset platform Bakkt. The partnership with Bakkt will allow US banks and merchants on Mastercard’s payment network to offer crypto-related services such as offering Bitcoin as rewards to their customers.