All About Mastercard Bringing Crypto In Payment Cards

  • 27th Nov'21
  • 193
  • 14
  • 13

Cryptocurrency is looked upon in many ways. For some, it is an investment, while some look at it as a disruptive technology. During its inception and post its introduction, cryptocurrency was subjected to a lot of controversies and debates questioning its authenticity. Nevertheless, despite all debates and skepticism, people still invest huge sums of their earned money in different cryptocurrencies. 

Here is some good news for them! They can now convert their cryptocurrencies into fiat currency. Payment card giant Mastercard has launched cryptocurrency-linked payment cards in the Asia-Pacific region. This will enable people to dilute their digital assets into fiat currency. The cards will remove any barrier between merchants who do not accept cryptocurrency as a payment. This is why it is said that Ethereum blockchain is the future. 

Let us know the real reason behind this big move. But, before we dig deeper into the reason behind this decision, let us know what are digital assets and fiat currency. 

 

What are digital assets and fiat currency? 

 

Digital Assets 

A digital asset is any form of investment that exists in a digital form and always comes with the right to use it anytime. Remember, data that doesn't possess that right are not considered digital assets. 

Example: Cryptocurrencies like Bitcoin, all the data stored in digital platforms, etc. 

 

Fiat Currency 

Fiat Currency is any form of government-issued currency that is not backed by any commodity like gold. 

Examples: Indian rupee, Dollar, etc. 

 

Mastercard incorporating crypto in payment cards

 

What is the decision? 

Payment behemoth Mastercard announced that the company is collaborating with three crypto finance firms - Amber Group from Hong Kong, Bitkub from Thailand, and Coinjar from Australia. The partnership is intended to introduce cryptocurrency-linked credit, debit, and prepaid cards for individuals and companies in the Asia-Pacific region. These cards will enable the users to instantly convert their cryptocurrencies into fiat currencies to make their payments, wherever master card payments are accepted. 

“We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protection and compliance,” Officials working in MasterCard said. 

 

Why was this decision taken? 

Mastercard believes that the introduction of a crypto payment facility is surely in the interest of those who have invested in cryptocurrencies. The decision was taken citing the increasing interest of the people to invest in digital assets. The behemoth discovered in a survey that around 45% of customers in Asia - Pacific region are considering the use of digital coins in the coming years.

In one year itself, the interest of the common people to invest in digital assets has soared by 5%. “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,” said Rama Sridhar, Mastercard’s executive vice president who oversees digital partnerships in the Asia Pacific, in the statement.

 

Mastercard incorporating Crypto in payment cards

 

Impact of this decision on the market 

This decision to use cryptocurrency in our routine purchases will surely create a deep impact on the market. The sales are likely to increase and so more money is likely to be invested in cryptocurrencies. It can also open a new chain of customers for merchants and retailers.

Although, Mastercard has made it clear that not all cryptocurrencies will be supported on their network. 

 

Conclusion 

Cryptocurrencies are the new trend, Despite criticism, it is flourishing as one of the best modes of investment. Mastercard incorporating Cryptocurrency in their cards has increased their credibility irrespective of their debates. 

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Prachi Chouksey (Editor), Super admin

An artist by heart and a writer by profession, Prachi is a vivacious reader.  She believes in hard work and her dedication has never let her down. She puts her heart and soul in everthing she does. Though life has not been a bed of roses for her, she affirms that the best way to live it is to maintain an equillibrium between the tunes of life.  


Post Your Comment
Jerry Norton

Hello, i would like to share my experience with you all, I lost a huge $ to all these fake so called BO merchants, after several attempts in trying to recover my money all efforts failed, i was looking through the page of the internet then i saw a recovery expert that were recommended as a good and reputable company so i reach out to them, to my surprise i was able to recover all my funds. Jimfundsrecovery At consultant Dot com.

2021-12-01 12:56:03

DIY Wife

Thanks Jim, He also also helped me as well

2021-12-13 11:50:07

Eric

I put about $302,000 worth of bitcoin in Coinbase and was locked out a few days later and unable to get back into my account. I employed all methods of recovering my account back but it happened that my account was compromised by a ripper who executed a virus into my system thereby gaining access to my wallet. Worried and perplexed, I found a specialist ( HACKSTARS101 @ WORKMAIL . COM) who tactfully regained access but on getting back all coins were already gone. He traced the coin via a signature print down to a foreign wallet and recovered everything back. You can hope to recover your funds with his technicality.

2022-01-07 16:22:15

BLANK ATM CARD

GET RICH WITH BLANK ATM CARD ... Whatsapp: +18033921735 I want to testify about Dark Web blank atm cards which can withdraw money from any atm machines around the world. I was very poor before and have no job. I saw so many testimony about how Dark Web Cyber hackers send them the atm blank card and use it to collect money in any atm machine and become rich.(darkwebcyberhackers@gmail.com) I email them also and they sent me the blank atm card. I have use it to get 250,000 dollars. withdraw the maximum of 5,000 USD daily. Dark Web is giving out the card just to help the poor. Hack and take money directly from any atm machine vault with the use of atm programmed card which runs in automatic mode. You can also contact them for the service below * Western Union/MoneyGram Transfer Hack * Bank Transfer Hack * PayPal / Skrill Transfer Hack * Crypto Mining Hack * CashApp Transfer Hack Email: darkwebcyberhackers@gmail.com Text & Call or WhatsApp: +18033921735 Visit: https://darkwebcycberhackers.com/

2022-02-14 06:57:40

Cherish Plyler

Unfortunately my credit has been poor since I ran up debt in my earlier years. I have tried for years to get a handle on it but it has been super tough. I have tried out some credit repair companies that I thought were reputable but they weren’t and promised stuff they didn't do. After really taking time to research a good company, I settled on FixMyCredit AT WriteMe D0T Com. I was super nervous since I have had such bad luck, but I am seeing a difference. My credit score has been going up and that is amazing to see.

2022-02-21 13:05:09

CindaWatson

Law enforcement authorities wasted my time after several carp on the case of my lost bitcoin, I have browsed and contacted so many recovery firms for assistance, but none succeeded, not until I was introduced to Skyhook AT writeme Dot com and within 48 hrs I was able to access my coins. Contact them if you find yourself in the same situation.

2022-02-27 01:28:44

Matthew Cox

Being a scam victim can be depressing. you were given empty promises. they usually stop replying after achieving their aim which hurts even more. i have been there too as i was too ambitious and wanted financial security which made me invest a huge chunk of my life's savings. i never thought i would be getting back and already lost hope until i found a team and contacted them which was a leap of faith as i wasn't going to go down without a fight . Remotespytech , a recovery expert that helped me get a significant sum of investment back. do not broad alone, make a move too, send them a mail via Remotespytech (@)gmail{}com... This is the hope for all scam victims Email: REMOTESPYTECH (@) GMAIL COM WhatsApp: +1 (689) 247-7465

2022-03-22 18:53:05

Nath Mary

I'm so happy to share this with you that can read / see this now. When I started trading binary and forex a few months ago, I really didn't have the necessary tools to trade and I lost a lot until I met Pablo Martinez who taught me all about market psychology as he managed my account for me. Today I am grateful to him for his great offer and help because it really changed my financial situation with an investment capital of $1500 and now I'm earning around $35,500 - $30,000 profits per week. Here is his WhatsApp no: +44 7520 636249 or his email address: pm7234029@gmail.com Https://www.facebook.com/PM-Fast-Trade-104912912155335/

2022-04-02 15:38:40

Andrew

In late 2020, I mistakenly sent about 1.4 btc to the wrong wallet, to my best knowledge I thought I couldn't get it back anymore. A colleague referred me to a recovery agent via email at REVIVE@ TECHIE. COM. They helped me recover all my bitcoin in no time. Great experience and I'll be ungrateful for not recommending it.

2022-05-01 14:04:51

Jason Ramsdale

Indeed, SUMMITRECOUP dot com is the Best recovery company out there. I got to experience this after I saw their reviews and I made a contact. Before that I contacted some other agency and I was still scammed by them But SUMMITRECOUP did the impossible by helping me recover all my funds not just only from CapitalcoinFx but also the fake recovery company that also scammed me. And they charged after the full recovery. I didn’t have to pay any upfront fees. SUMMITRECOUP dot com is certainly the Best. Don’t fall for others!!!

2022-05-04 06:01:14

Maria

Hello everyone, I got my programmed and blank ATM card to withdraw the maximum of 5,000 USD daily on any ATM. I am so happy about this because I got mine yesterday and I have used it to get 10,000 USD. Georg Bednorz Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice. Get yours from these Hackers today! Email: (georgbednorzhackers@gmail.com) WhatsApp or Text: +12623558285

2022-06-06 02:21:30

Maria

Hello everyone, I got my programmed and blank ATM card to withdraw the maximum of 5,000 USD daily on any ATM. I am so happy about this because I got mine yesterday and I have used it to get 10,000 USD. Georg Bednorz Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice. Get yours from these Hackers today! Email: (georgbednorzhackers@gmail.com) WhatsApp or Text: +12623558285

2022-06-06 02:21:57

JANE FINCH

HAVE YOU LOST YOUR MONEY TO BINARY OPTION SCAM OR ANY ONLINE SCAM WHATSOEVER?.DO YOUR DESIRE CREDIT REPAIR[EQUIFAX, EXPERIAN, TRANSUNION? WELL, YOU HAVE FOUND REDEMPTION. BEWARE OF FRAUDSTERS looking to hoax. if you have been a VICTIM, contact Email:CYBERHACKSERVICES@GMAIL.COM Here, it's always a win for you. ��OUR SERVICES�� Binary Option funds recovery Social media hack Recovery of loan scam Credit repair (Equifax,Experian,Transunion) Email hack College score upgrade Android & iPhone Hack Website design Website hack And lots more.

2022-06-22 05:13:21


You may also like