As reported by Reuters, Mastercard payment card behemoth has inked a partnership deal with BitOasis, a crypto trading platform based in Dubai.
Together they intend to kick off payment cards that will be connected to cryptocurrencies. The two companies will target users in the Middle East and North Africa with their product, so they can use crypto cards at PoS or for purchasing things on the Internet.
Mastercard will add a couple of elements to protect users – dispute resolution and refund generation, according to the source.
The statement cited by Reuters says that, at the moment, crypto payments are believed to be clumsy, so merchants seldom accept crypto for their goods. If they do, they get crypto converted and still accept fiat money.
This partnership intends to solve these issues, increase awareness of customers of crypto in these regions, as well as spread crypto adoption wider.
In the first half of this year, the volume of cryptocurrencies received here as payments soared by 48%. The aforementioned regions are the ones where crypto adoption is growing at a fast pace.