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Crypto exchange Crypto.com and Mastercard have collaborated to enhance the digital payments sector within the Gulf Cooperation Council (GCC) nations.
Crypto.com has obtained a license from Mastercard, enabling it to serve as the direct issuer of cryptocurrency cards. Bahrain will be the inaugural country for the launch of Crypto.com’s crypto card, with the rollout anticipated in January 2025. Subsequently, the cryptocurrency cards will be introduced in additional GCC nations.
On a global scale, the collaboration seeks to broaden the applications of cryptocurrency as a payment option. This new offering will enable Crypto.com users to conduct transactions at over 150 million retail locations and online services worldwide using cryptocurrency.
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Users will have the capability to fund their crypto cards via the Crypto.com app, utilizing digital assets, fiat currency, cryptocurrency wallets, and credit and debit cards issued by third parties. This innovative payment solution will be denominated in U.S. dollars and provide up to 8% cashback.
The significance of crypto cards is increasing as the total number of cryptocurrency users rises. As highlighted by Max Krupyshev, CEO of CryptoProcessing.com, during the Purpose Driven FinTech podcast, various studies indicate that approximately one-third of users in different markets view digital assets as a payment method.
In recent months, MANSA and Bitmama have introduced a crypto card for cross-border transactions in Africa, while Mercuryo and Mastercard have launched a debit crypto card for EU customers, and FV Bank, in collaboration with Visa, has rolled out debit and corporate crypto cards.
Сообщение Mastercard Expands Cryptocurrency Payment Use Cases появились сначала на CoinsPaid Media.
