Mastercard and cryptocurrency platform BitOasis have partnered to launch a series of crypto card programmes in the Middle East and North Africa to facilitate day to day usage of cryptocurrencies at points of sale and across ecommerce platforms.
The Dubai-based crypto platform’s users will be able to convert their cryptocurrency holdings to fiat currency at more than 90 million merchant locations globally.
The first BitOasis cards are expected to launch in early 2023 in markets following regulatory approvals.
Users of the cards can also access a range of Mastercard benefits. They will be issued with virtual and physical BitOasis cards through a simple and compliant digital onboarding experience via the BitOasis app.
“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,” said Amnah Ajmal, Executive Vice President Market Development, EEMEA, Mastercard.
“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.”
The 2022 Mastercard New Payments Index reported that 29 percent of respondents globally hold cryptocurrency as an investment, with another 65 percent indicating a preference for crypto-related services to be provided by their current trusted financial institution.
“We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives,” said Ola Doudin, CEO and co-founder, BitOasis.
Doudin noted that research revealed that 47 percent of the Middle East population now believe crypto is the future of money.
He added, “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.”
