Mastercard to launch crypto-linked payment cards in Asia Pacific

[NeuroticFish]

Mastercard to launch crypto-linked payment cards in Asia Pacific

I don't know where to put this news, really. I was thinking it could go for Press, and if you think it's better suited there I'll move it. But I feel like it's more for speculation and I'll tell why.
Mastercard has already a partnership with Wirex - I think that's way more than a year already - and they offer crypto cards from that partnership. They've also announced back in February that they'll make this new step.
So the news about partnership with Amber, CoinJar and Bitkub and the prospects to launch crypto cards in APAC is not that much of news, it's more.. for speculation / pump.

Following the partnership, consumers and merchants in the APAC region will soon be able to obtain crypto-backed Mastercard debit, credit, and prepaid cards. This access could simplify the use of cryptocurrencies for users in the region.

From what I know, crypto enthusiasts already have options for crypto cards in APAC region, but not the full variety (is TenX still in business?). I don't understand how crypto credit cards will work, will the credit be in crypto or fiat?
Also they're rather unclear if the merchants have the option to receive crypto or only fiat.
And I don't like that the only option presented is conversion on-the-fly. I like to also have the option to convert to fiat when I want to, before shopping/spending that fiat.

The market seems to have reacted greatly to this.. news (as I said, not really news), I'm curious what will happen when this program gets properly implemented.


We already have a new ATH. Will this move the price way beyond 70k? Or will a cool down happen? Or, actually, the buying pressure is big enough and the new ATH is not related to this news?

[buwaytress]

Yeah, not really news unless ALL Mastercard users regardless of provider can buy/sell send/spend crypto using their card (including or even more importantly, from credit card). Far as I know, all crypto enabled cards are debit. I think the real deal happens when they can opt for crypto payments instead of fiat when spending or borrowing against a credit line.

Still, can't be bad news

[stompix]

Also they're rather unclear if the merchants have the option to receive crypto or only fiat.

Nope, no secret there

While some merchants already accept payments in digital currencies such as Bitcoin or Eth, this form of acceptance is not widespread. Rather than directly transferring cryptocurrencies to a merchant, cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency which can be spent everywhere Mastercard is accepted around the world, both online and offline. Currency will always enter Mastercard’s network as traditional fiat currency.

And I don't like that the only option presented is conversion on-the-fly. I like to also have the option to convert to fiat when I want to, before shopping/spending that fiat.

You'll be able to do that you can convert your balances any time you wish, it will be just like with Wirex and Binance, you're going to have a linked account and a standard account.

Of course, I too hoped for much more but unfortunately, at this point, there is no way to have something better than this unless somehow a bank will manage to get approval to hold cryptocurrency as a deposit so when a payment will be done to a merchant he could use the same conversion as we do before a payment.
These things are happening already with different currencies like EUR>GBP>USD but the merchants need a bank on the other end accepting crypto as a deposit for it to happen.

[crwth]

According to the earlier article around February that they would support select cryptocurrencies. So whether or not they are going to partner with a lot of companies to accept multiple currencies that each of them supports and with that, I think it doesn't matter what choice they have or what partner. I think it's always not limited to them giant companies.

"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,"

And they are also protecting themselves by saying this.

"Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value,"

So with the exposure that they have within their reach, I think it will push us to an even higher level.

[el kaka22]

It will definitely start with small sample size first. They will test how it is going and eventually they will start to use it in bigger and bigger samples. Eventually if they see that it is actually working and it is a profitable thing for them then they will put it on all of the things they provide as long as it is legal. It will not even be just Asia pacific or anything, it will be the whole world that they could do as long as they are allowed.

There is no avoiding crypto, it is the biggest innovation in finance for the past century and people will have to accept that it is here to stay and it is not leaving. Same goes for companies as well, you can't avoid it, because it is here to stay and you better partake in it.