Credit card giant Mastercard caused a sensation in the digital asset market on Tuesday when notification launches crypto-linked payment cards across the Asia-Pacific region.

In collaboration with three crypto service providers Amber Group, Bitkub in Thailand and CoinJar in Australia, Mastercard will offer a crypto-linked payment card that allows users to instantly convert their numbers into traditional fiat money.

“Instead of transferring crypto directly to merchants, cardholders can now instantly convert their crypto into traditional fiat currency and spend it wherever Mastercard is accepted worldwide, both online and offline.”

Although Mastercard has not specified which cryptocurrencies are supported, the company pointed to Bitcoin and Ether as two assets that have been accepted by some sellers, although they have not yet achieved widespread adoption. According to Mastercard’s own research on the Asia-Pacific region, 45% of respondents said they are considering using crypto in the next year.

News of the crypto credit card quickly spread on Twitter, with influencers praising the growing appeal of Bitcoin and other cryptocurrencies to the mainstream. Although cryptocurrencies enjoy a newfound legitimacy as an investable asset class, as evidenced by total capitalization, which recently exceeded the $ 3 trillion mark, their appeal in the payments sector is much less.

Mastercard has now made a name for itself across the crypto market, perhaps in the expectation that the digital asset will one day gain in importance as a payment vector. Last month, the giant announced plans to allow U.S. partners to offer a crypto loyalty program. Through the partnership with the digital asset platform Bakkt, Mastercard plans to enable customers in the US to buy, sell and hold cryptocurrencies via a custody wallet.

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Annie

According to Cointelegraph

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