Mastercard is launching its cryptocurrency-backed payment cards in the Asia Pacific (APAC) region.

For this, it has partnered with three cryptocurrency companies Siam Commercial bank-owned crypto exchange Bitkub, Hong Kong-based crypto trading startup Amber Group, and Australian crypto exchange CoinJar, announced the payment giant this week.

“In collaboration with these partners that adhere to the same core principles that Mastercard does — that any digital currency must offer stability, regulatory compliance, and consumer protection — Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”

This means that consumers and merchants in the region will soon be able to obtain crypto-backed Mastercard debit, credit, and prepaid cards, which would simplify the use of crypto assets for users in the APAC region.

Instead of directly transferring crypto to a merchant, Mastercard will allow cardholders to instantly convert their crypto into traditional fiat, which can be spent anywhere Mastercard is accepted.

The company noted that their latest move comes “at a time when interest in cryptocurrencies is at an all-time high across” the region.

Mastercard found in a recent survey that 45% of respondents in the region are likely to consider adopting crypto for payments in 2022. That is a significant jump over the 12% that already used it in the last year, and higher than the global average of 40%, it said.

These new partnerships also come on the heels of Mastercard acquiring blockchain analytics firm CipherTrace and crypto exchange Bakkt.

“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative” said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.

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