Mastercard: Cryptocurrencies and CBDCs are the future of money

<p>* Mastercard noted that adoption rates for emerging payment options such as cryptocurrencies have historically been higher in Asia.</p> <p>* Consumers in Thailand and India are more accustomed to using cryptocurrencies than those in a highly developed market such as Australia.</p> <p>* With nearly every central bank exploring or testing CBDC, Mastercard remains optimistic about its widespread adoption sooner rather than later.</p> <p>Whatever your position on cryptocurrencies, the fact remains that these digital assets are gradually establishing a foothold in the world of payments. Simply put, cash will not always reign supreme, and that is a belief shared by Mastercard, a global payments leader. Indeed, Mastercard has begun offering its customers access to cryptocurrency-linked debit, credit, and digital wallets, as well as loyalty rewards programmes powered by cryptocurrency.</p> <p>Earlier this month, the multinational financial services corporation based in the United States partnered with three leading cryptocurrency service providers in Asia Pacific to launch the region's first crypto-funded Mastercard payment cards. The digital asset service providers — Hong Kong's Amber Group, Bitkub in Thailand, and CoinJar in Australia — have all begun accepting applications for crypto-linked Mastercard credit, debit, or prepaid cards in their respective markets within the region. They will then be able to instantly convert their cryptocurrencies to traditional fiat currency using these cards.</p> <p>In an interview with Tech Wire Asia (TWA), Rama Sridhar, executive vice president, digital & emerging partnerships and new payment flows, Mastercard Asia Pacific, discussed the company's strategy in the digital assets space, focusing on cryptocurrencies and central bank digital currencies (CBDCs).</p> <p>Mastercard was the first to enter the western market with cryptocurrency products and services. How has acceptance been so far, and how do you anticipate it will be in the Asia Pacific markets?</p> <p>Globally, th