Mastercard has partnered with BitOasis, the leading cryptocurrency platform in the MENA region to launch a series of crypto card programmes which will facilitate cryptocurrency payments at e-commerce platforms and physical stores.
The Dubai-based cryptocurrency platform’s users will be able to convert cryptocurrency to fiat payments in over 90 million merchant locations globally.
The first cards are expected to launch in early 2023 subject to regulatory approvals.
Mastercard benefits will also be accessible to BitOasis customers who will be issued with a virtual and physical BitOasis card via the BitOasis app.
Transactions through this card will provide users with consumer protection such as provisions for dispute resolution and refunds which currently do not exist for digital asset payments.
“Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay,” said Amnah Ajmal, Executive Vice President Market Development, EEMEA, Mastercard.
Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment,” he added.
“We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. Research tells us that 47 percent of the Middle East population now believe crypto is the future of money,” said Ola Doudin, CEO and co-founder, BitOasis.
“Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments,” he added.
The 2022 Mastercard New Payments Index reported that 29 percent of respondents globally hold cryptocurrency as an investment, with 65 percent indicating preference for crypto-related services.
Earlier this year, Mastercard and Binance partnered to launch prepaid cards in Argentina to facilitate cryptocurrency payments where users could pay with cryptocurrency which would be converted to fiat currency in real-time at the point of purchase.
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