Mastercard and BitOasis sign strategic partnership across MENA to launch crypto-linked cardsOctober 25, 2022 | Dubai, United Arab Emirates
- BitOasis customers will be able to link their crypto wallet balances to physical or virtual cards and make fiat payments across 90 million global locations using their BitOasis Mastercard Crypto Card
- New payment method will accelerate crypto adoption in the region by enabling customers to make payments across Mastercard’s network.
Dubai, United Arab Emirates– 25 October 2022: BitOasis, the leading cryptocurrency platform for the Middle East & North Africa (MENA) and Mastercard, have partnered to launch a series of crypto card programs in the region that will facilitate day to day usage of cryptocurrencies at points of sale and across ecommerce platforms.
BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals.
BitOasis customers, who can also access a range of Mastercard benefits, will be issued with virtual and physical BitOasis cards through a simple and compliant digital onboarding experience via the BitOasis app, allowing them to transact seamlessly physically and online.
Currently, cryptocurrency payments and cash-outs are considered cumbersome with the overwhelming majority of merchants not accepting such payments directly. BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection - such as provisions for dispute resolution and refunds - which doesn’t exist today when paying with a digital asset. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region.
Amnah Ajmal, Executive Vice President Market Development, EEMEA, Mastercard, said: “Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay. Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”
Ola Doudin, CEO and co-founder, BitOasis, said: “We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. Research tells us that 47% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments. Today’s partnership helps us deliver against our mission”.
The 2022 Mastercard New Payments Index reported that 29% of respondents globally hold cryptocurrency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution. Merchants around the globe are also increasingly open to accepting payments in cryptocurrencies, with 46% of those surveyed by PYMNTS.com indicating that they have already integrated virtual assets into their payment method acceptance mix in some form, with 77% citing lower transaction processing fees as the primary reason behind adoption.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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