Mastercard and BitOasis unveil cryptocurrency-linked payment cards in the MENA region

Mastercard and BitOasis unveil cryptocurrency-linked payment cards in the MENA region

BitOasis, one of the largest cryptocurrency exchanges In the Middle East and North Africa region, global payments company Mastercard collaborated to reveal Cryptocurrency cards It will allow the use of digital tokens at point-of-sale terminals and across e-commerce platforms.

BitOasis customers will be able to use files Cryptocurrency wallet holdings to pay for goods and services at more than 90 million merchant locations globally, the two companies said Tuesday.

The first BitOasis cards are expected to be available in the market early next year, once regulatory approvals are obtained.

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BitOasis CEO and co-founder Ola Doudin said that there is a sustained demand among the platform’s customers for solutions that make cryptocurrencies more relevant to their daily lives.

Research tells us that 47 percent of the population of the Middle East now believes Crypto is the future of moneyMrs. Dowden said.

“We want BitOasis customers to take advantage of the ease of linking their wallets to their BitOasis Crypto Mastercard for use across the MasterCard global merchant network.”

In March, Dubai became the first country in the region to adopt a law to regulate it virtual assets In an effort to provide investors with a safe environment while adopting emerging technology with growing interest in it.

The MENA region is the fastest growing cryptocurrency market in the world, accounting for 9.2 percent of the global market Cryptocurrency transactions From July 2021 to June 2022, according to A This month’s report by blockchain data platform Chainalysis.

Individual investors in the region It received $566 billion in cryptocurrencies during this period, a 48 percent year-over-year increase, Chainalysis said in its 2022 Global Digital Currency Adoption Index.

The MENA region is “home to three of the top 30 countries in this year’s crypto adoption index: Turkey.” [ranked 12]Morocco [14] and Egypt [24]’ said the report.

Meanwhile, BitOasis virtual and physical cards will be issued to BitOasis customers through a digital registration experience on its app, allowing them to conduct both physical and online transactions.

Amna Ajmal, Executive Vice President of Market Development for Eastern Europe, Middle East and Africa at Mastercard, said consumers looking for “new, fast and flexible digital experiences” are driving the adoption of emerging payment technology solutions.

“This comes with a greater expectation for companies to provide multiple ways to shop and pay,” Ms. Ajmal said.

“Through our collaboration with BitOasis, we are making the consumer experience seamless with their cryptocurrency in a safe and secure environment.”

Currently, cryptocurrency payments and cash exchanges are cumbersome, with the vast majority of merchants not accepting such payments directly, according to MasterCard and Pete Oasis.

The companies said that transactions using BitOasis cards will be enabled to take place in fiat currency, thus adding provisions for dispute resolution and refunds – something that does not exist today when paying with a digital asset.

The partnership will address these issues and enhance customer awareness and adoption of cryptocurrencies in the region.

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About 88 percent of consumers in the UAE have used at least one emerging payment method in the past year, with 20 percent using cryptocurrencies, According to Mastercard’s new payments index.

Mastercard said that while cryptocurrency usage was low, 40 percent of digital token users in the UAE said they used them more in the past year.

About 74 percent of consumers in the UAE said they would use cryptocurrencies more if they understood digital tokens better. This is despite 95 percent of respondents acknowledging that there is a prevailing awareness of cryptocurrency.

Sixty-six percent of consumers in the UAE believe that digital assets can be a good investment while 67 percent have undertaken at least one crypto-related activity in the past year, such as opening a wallet, buying, trading or holding a digital token. As an investment, a Mastercard survey found.

Merchants around the world are also increasingly willing to accept cryptocurrency payments, with 46 percent of those surveyed in June by Pymnts.com indicating that they have already incorporated virtual assets into their payment mix.

About 77 percent of these merchants cited low transaction processing fees as the main reason for adoption.

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Updated: October 25, 2022, 11:35 a.m.


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