BitOasis, a cryptocurrency exchange based in the Middle East North Africa (MENA) region has inked an agreement with the financial service provider and card issuer Mastercard.
The aim of their agreement is to roll out payment cards that are related to cryptocurrencies to customers in the UAE region. These crypto payment cards can be used both onsite and online on e-commerce platforms.
Globally, merchants in 90 million physical locations by the enablement of this agreement and the payment cards, will permit customers to complete fiat payments transactions with digital assets. Therefore, users of the BitOasis platform will be offered physical and virtual cards which are already set to be launched in early 2023, Q1 likely in accordance with regulatory approvals.
The final settlement will be fiat-based, BitOasis announced.
Ultimately, the BitOasis Mastercard crypto card will accelerate the adoption of cryptocurrency in the region and also encourage the daily use of digital assets at the point of sale (POS) and online merchant platforms. Similarly, this payment method will ensure consumer protection as it provides for dispute resolution and refunds.
Mastercard Targets Everyday Crypto Payments
Chief Executive Officer and Co-founder of BitOasis Ola Doudin said;
“We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. […..]. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network.”
Executive Vice President Market Development, EEMEA, Mastercard Amnah Ajmal added “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.”
Similarly, leading cryptocurrency exchange Binance partnered with the card issuer sometime in August to begin setup for the launch of crypto prepaid cards for its users in Argentina. In the end, Mastercard is only seeking ways to achieve its goal of incorporating crypto payment in everyday purchases and trading.