According to Rama Sridhar, Executive Vice President of Mastercard’s Asia Pacific Digital & Emerging Partnerships and New Payment Flows division, “As interest and attention in blockchain technologies grows from all directions, practical applications are beginning to emerge that go beyond speculation.”
In addition, some retailers are already taking payments in digital currencies such as Bitcoin or Ethereum. An APAC study conducted by Mastercard found that 45% of respondents polled are likely to explore utilising cryptocurrencies in the next year.
Amber Group and Bitkub, both headquartered in Thailand, as well as CoinJar, based in Australia, are all providers of cryptocurrency buy and exchange services in their respective home countries. These firms are the first cryptocurrency platforms located in Asia-Pacific to join Mastercard’s worldwide Crypto Card Program, which allows cardholders to change their bitcoin holdings into fiat cash at any time.
“Cardholders will now have the option of rapidly converting their cryptocurrencies into conventional fiat cash, which can then be spent everywhere Mastercard is accepted throughout the globe, both online and offline.”
According to the business, “money will always enter the Mastercard network in the form of regular fiat currency.” The credit card business initially declared in February of this year that it would begin to handle cryptocurrencies on its network, and the announcement has since been confirmed.
The decision to include cryptocurrency into its network was defended by the corporation as a question of personal preference. “Mastercard is not here to advise you on whether or not to begin using cryptocurrency. Nevertheless, we are here to make it possible for consumers, merchants, and enterprises to transfer digital wealth in whatever way they want – whether it is conventional or cryptographic.”
It should be your decision since it is your money “It has been said. It had also said that “not all of today’s cryptocurrencies would be supported” on the network. It noted in a blog post that “While stablecoins are more regulated and dependable than they have been in the recent times, several of the hundreds of cryptoassets in existence still need to strengthen their compliance mechanisms, and as a result, they will fail to fulfil our standards.”