Home » Mastercard and BitOasis unveil crypto-linked payment cards in Mena region

Mastercard and BitOasis unveil crypto-linked payment cards in Mena region

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BitOasis, one of the largest cryptocurrency trading platforms In the Mena region, the global payments company Mastercard announced in collaboration cryptocurrency card This will allow digital tokens to be used across POS terminals and e-commerce platforms.

BitOasis customers: Holding a cryptocurrency wallet The companies said on Tuesday that they will be able to make payments for goods and services at more than 90 million merchants around the world.

The first BitOasis cards are expected to be available on the market early next year, subject to regulatory approval.

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

“Surveys show that 47% of the Middle East population is currently Crypto is the future of moneysaid Dudin.

We want BitOasis customers to enjoy the convenience of linking their wallets to BitOasis Mastercard crypto cards for use with Mastercard’s global merchant network. ”

In March, Dubai became the first city in the region to adopt regulatory legislation. virtual assets We seek to embrace emerging technologies as interest grows while providing a safe environment for investors.

The Mena region is the world’s fastest growing cryptocurrency market, accounting for 9.2% of the world. digital currency trading From July 2021 to June 2022, according to Report of the Month by Blockchain Data Platform Chainalysis.

local private investors Chainalysis received $566 billion in crypto during this period on the 2022 Global Crypto Adoption Index. That’s a 48% year-on-year increase.

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.

BitOasis customers, on the other hand, will be issued virtual and physical BitOasis cards through a digital sign-up experience on the app to conduct physical and online transactions.

Amnah Ajmal, executive vice president of market development for Eastern Europe, Middle East and Africa at Mastercard, said consumers seeking “new, fast and flexible digital experiences” are driving adoption of new payment technology solutions. said there is.

“This has raised expectations for businesses to offer multiple ways to shop and pay,” said Ajmal.

“Through our collaboration with BitOasis, we are able to make the consumer experience seamless by using cryptocurrencies in a safe and secure environment.”

According to Mastercard and BitOasis, cryptocurrency payments and cashouts are currently considered onerous and the overwhelming majority of merchants do not accept such payments directly.

Transactions using BitOasis cards can now be made in fiat currency, which adds dispute resolution and refund provisions. This is something that currently does not exist for payments with digital assets, the companies said.

This partnership will address these issues and drive customer awareness and cryptocurrency adoption in the region.

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About 88% of UAE consumers used at least one new payment method in the past year, and 20% used cryptocurrencies. According to Mastercard’s New Payments Index.

Although cryptocurrency usage was low, 40% of Emirates digital token users said they used cryptocurrencies more in the past year, according to Mastercard.

About 74% of UAE consumers say they would use cryptocurrencies more if they had a better understanding of digital tokens. This is despite his 95% of respondents admitting they have a mainstream perception of cryptocurrencies.

66% of UAE consumers believe digital assets can be a good investment, and 67% said they have opened a wallet, bought, traded or held digital tokens in the past year. Has at least one crypto-related activity. As an investment, a study of Mastercard was found.

A June survey by Pymnts.com showed that 46% of merchants worldwide have already integrated virtual assets into their payment method mix.

Nearly 77% of these merchants cite low transaction processing fees as a primary reason for adoption.

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Updated: Oct 25, 2022, 11:35 AM

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