Payment giant Mastercard is increasingly interested in cryptocurrency. This week, the American company signed a partnership with Dubai-based exchange BitOasis. Through this partnership, crypto payment cards will be launched in the Middle East and North Africa. This new partnership, which is expected to boost crypto adoption a bit more, confirms Mastercard’s growing interest in digital assets.
Mastercard and BitOasis hand in hand
Despite the persistent Bear market, Mastercard is continuing to take an interest in the crypto sector. The American giant has partnered with Dubai-based cryptocurrency exchange BitOasis. The two companies plan to launch a crypto payment card in the Middle East and North Africa. With it, BitOasis customers will be able to use crypto to make purchases at more than 90 million businesses associated with Mastercard.
In a public statement, BitOasis details a bit more about the terms of the partnership. In particular, the exchange announces that the ability to pay in crypto at businesses associated with Mastercard will be launched after obtaining all necessary regulatory approvals. This could happen next year, the release informs.
Both companies have reacted to this partnership. For Mastercard, the partnership offers a simpler and seamless payment experience for consumers and businesses looking for more flexible and fast payment methods.
Through our collaboration with BitOasis, one of the most innovative cryptocurrency platforms in the Middle East and North Africa , we will provide consumers with simple and seamless payment experiences to use their cryptos.Amna Ajmal, VP Market Development at MasterCard
For its part, BitOasis said it is pleased to collaborate with Mastercard to explore the huge potential for crypto usage in the Middle East and North Africa.
According to Ola Dudin, CEO and co-founder of BitOasis, more than 47% of the Middle East population uses and believes in crypto.
Furthermore, Ola Dudin believes that this partnership will help his company achieve his company’s mission: to emerge a transparent, inclusive and regulated digital financial system that meets the demands of everyday life.
As the largest cryptocurrency platform in the Middle East region, we are pleased to collaborate with MasterCard to enable BitOasis customers to enjoy the ease of linking their BitOasis wallets to their MasterCard cards. Our mission at BitOasis is the adoption of a new, transparent, inclusive and regulated digital financial system that meets the demands of everyday life, while providing greater security. This partnership we have entered into today with Mastercard will help us achieve this goal.Ola Dudin
A partnership that will boost the adoption of crypto
The partnership between Mastercard and BitOasis could increase the adoption of cryptocurrency. Indeed, as reported in the “MasterCard New Payments Index 2022,” 29 percent of respondents worldwide hold cryptocurrencies.
In addition, merchants around the world are increasingly open to cryptocurrency payments. In addition, the Middle East and North Africa are regions with the fastest growing cryptocurrency adoption in the world. According to Chainalysis, the volume of crypto received in this region jumped by 48% in the first half of 2022.
Payment companies’ interest in crypto confirmed
This new partnership reveals just how attracted Mastercard is to the crypto sector. The American giant is even trying to expand its crypto-related activities in all regions of the world.
In Latin America, Mastercard has partnered with Binance to launch a crypto card.
In Europe, the American giant has turned to EurocoinPay instead. Recently, the payment company joined forces with Paxos to enable banks to integrate crypto-related services.
MasterCard‘s competitors aren’t staying behind either. Visa recently signed a partnership with exchange FTX to bring cryptocurrency to some 40 countries in Latin America, Asia and Europe.
The United Arab Emirates is on track to become a global cryptocurrency hub. Thanks to its open regulatory framework, the UAE is attracting more and more crypto investors. This partnership should once again help the country achieve its goal of being the Blockchain Capital of the World by 2030.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.