Strategic partnership signed by Mastercard and BitOasis to launch crypto-linked cards
Mastercard and BitOasis, the region’s top cryptocurrency platform for the Middle East and North Africa (MENA), have teamed up to introduce a number of crypto card programmes that will make it easier for people to use cryptocurrencies on a daily basis at retail locations and on e-commerce sites.
Customers of BitOasis will be able to exchange their bitcoin holdings for fiat money, making it simple for them to purchase and make payments at more than 90 million merchant locations worldwide. Early 2023 is when the first BitOasis cards are anticipated to go on sale in markets with regulatory authorisation.
Customers of BitOasis, who may also make use of a number of Mastercard perks, will receive virtual and physical BitOasis cards through a quick and legal digital onboarding process through the BitOasis app, enabling them to conduct seamless transactions both online and offline.
Currently, the vast majority of shops do not immediately accept cryptocurrency payments, making bitcoin withdrawals and payments thought to be onerous. Transactions made by BitOasis customers will be able to be made in fiat money, giving consumer protection that is now lacking when making payments with digital assets (such as mechanisms for dispute resolution and refunds). By addressing these issues, the cooperation will increase customer awareness and the uptake of cryptocurrencies in the area.
According to the 2022 Mastercard New Payments Index, 29% of respondents globally own cryptocurrencies as investments, with another 65% saying they desire their existing reputable financial institution to offer cryptocurrency-related services. With 46% of those surveyed by PYMNTS.com reporting that they have already incorporated virtual assets into their payment method acceptance mix in some way, businesses around the world are also becoming more open to accepting payments in cryptocurrencies. 77% of respondents cited lower transaction processing fees as the main driver behind adoption.
