Payment giant Mastercard has inked a deal with Middle East-based cryptocurrency exchange BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, according to local media outlet Khaleej Times.
Through the strategic partnership, BitOasis users will have the chance to easily pay and shop by converting their crypto holdings to fiat at more than 90 million worldwide merchant outlets.
As a result, the cumbersome tag pegged on cashouts and crypto payments will be eliminated because BitOasis users will undertake transactions in fiat. Per the report:
“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.”
Therefore, the partnership intends to address crypto pain points and enhance awareness and adoption in the MENA region.
Amnah Ajmal, Mastercard’s Executive VP for Market Development, MEA, pointed out:
“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.”
She added that changing consumer demand was necessitating the crypto payment route.
On her part, Ola Doudin deemed the collaboration as a new digital financial system era where transparency, inclusivity, relevance, and regulation would be incorporated on a daily basis.
The CEO and co-founder of BitOasis added:
“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.”
The first bunch of BitOasis cards will be released in early 2023 in line with regulatory approvals.
Meanwhile, a paradigm shift is happening in the Middle East, especially the United Arab Emirates (UAE), because the region’s interests are changing from oil to crypto and metaverse, among other blockchain innovations, Blockchain.News reported.
Image source: Shutterstock