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0 CommentsСrypto platform BitOasis and Mastercard have partnered to launch a series of crypto card programs in the MENA region to enable the use of cryptocurrencies at points of sale and across e-commerce platforms. It will allow BitOasis customers to link their crypto wallet balances to physical or virtual cards and make fiat payments across 90 million locations worldwide.
Currently, cryptocurrency payments and cash-outs are considered cumbersome with the overwhelming majority of merchants not accepting such payments directly.
BitOasis Mastercard Crypto Cards will allow customers in the Middle East and North Africa to make purchases at points of sale or online, “thereby adding consumer protection – such as provisions for dispute resolution and refunds – which doesn’t exist today when paying with a digital asset,” the companies said.
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 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.
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.
“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,” said Amnah Ajmal, EVP EEMEA, Mastercard. “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.”
“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 believes crypto is the future of money,” Ola Doudin, CEO and co-founder, BitOasis, added. “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.”
Founded in Dubai in 2015, BitOasis said in June it laid off nine of its staff, as the crypto sector faced a steep downturn and market turmoil.
The Middle East and North Africa is the region with the fastest-growing adoption of cryptocurrency in the world, with the volume of crypto received there jumping 48% in the first half of 2022, blockchain researcher Chainalysis said in a report earlier this month.
Image Source: https://gulfbusiness.com/mastercard-bitoasis-to-launch-crypto-linked-cards-in-mena-region/
