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Mastercard launches crypto-to-fiat automatic conversion payment cards

Mastercard launches crypto-to-fiat automatic conversion payment cards

Mastercard keeps pushing back its perennial competitor Visa by penetrating promising and fast-growing segments of the payment market, particularly the cryptocurrency one.

The Mastercard international payment system is launching payment cards in partnership with three leading cryptocurrency service providers, namely Amber, Bitkub, and CoinJar.

These cards prove attractive since they automatically convert cryptocurrency into fiat currency when paying at commercial places or online. Online and offline merchants (merchants) find it interesting to accept cryptocurrencies, yet they are discouraged by the high volatility of crypto assets and extra exchange transactions. The Mastercard solution can solve all the merchants' problems, providing cardholders with instant exchange of virtual assets into traditional currencies.

The list of crypto assets is still unknown, but most likely, it will include such capitalization leaders as Bitcoin and Ethereum, followed later by other altcoins.

During the pilot phase, card ordering will only be available to Asia and the Pacific region residents, followed by expansion to other areas.

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