BitOasis, the cryptocurrency platform, and Mastercard have partnered to launch a series of crypto card programmes in the region to enable the use of cryptocurrencies at points of sale and across e-commerce 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 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, EVP 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 per cent of the Middle East population now believes crypto is the future of money.
“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.”
As an expert in the field of cryptocurrencies and financial technology, my extensive knowledge is built upon a deep understanding of the industry's trends, developments, and key players. I've closely followed the evolution of cryptocurrency platforms, their partnerships, and the integration of digital assets into mainstream financial services.
Now, let's delve into the concepts mentioned in the article about BitOasis and Mastercard's collaboration to launch crypto card programs in the region.
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BitOasis:
- BitOasis is a cryptocurrency platform that allows users to buy, sell, and store digital assets securely.
- The platform seems to be focused on the Middle East and North Africa (MENA) region, catering to the specific demands and regulatory environment of that area.
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Mastercard Partnership:
- The collaboration between BitOasis and Mastercard is a significant move toward bridging the gap between traditional financial systems and the world of cryptocurrencies.
- Mastercard's involvement indicates a willingness to embrace emerging payment technologies and adapt to changing consumer preferences.
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Crypto Card Programs:
- The article mentions the launch of crypto card programs, indicating the introduction of physical and virtual cards that enable users to spend their cryptocurrency holdings at points of sale and on e-commerce platforms.
- These cards aim to provide a seamless and compliant digital onboarding experience for BitOasis customers.
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Conversion of Cryptocurrency to Fiat Currency:
- BitOasis customers will be able to convert their cryptocurrency holdings into fiat currency, making it easier for them to shop and transact at more than 90 million merchant locations globally.
- This conversion addresses the current challenges associated with cryptocurrency payments and cash-outs, making the process more user-friendly.
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Consumer Protection:
- The partnership emphasizes the addition of consumer protection features, such as provisions for dispute resolution and refunds, when making transactions with BitOasis cards. This is a crucial step in addressing the perceived risks and challenges in crypto transactions.
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Digital Onboarding Experience:
- BitOasis customers will undergo a simple and compliant digital onboarding experience through the BitOasis app to obtain their virtual and physical BitOasis cards. This streamlined process aims to encourage more users to adopt and use these cards.
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Addressing Pain Points:
- The partnership acknowledges the current difficulties associated with cryptocurrency payments and aims to address these pain points. This includes making transactions in fiat currency, which adds a layer of familiarity and consumer confidence.
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Crypto Adoption in the Region:
- The collaboration between BitOasis and Mastercard is positioned as a driver for increasing customer awareness and fostering cryptocurrency adoption in the Middle East region.
In summary, this partnership represents a significant step toward integrating cryptocurrencies into everyday financial transactions, offering convenience, security, and consumer protection in a region where the demand for crypto is on the rise. The combination of BitOasis's expertise in the crypto space and Mastercard's global reach signifies a strategic move to make digital assets more accessible and relevant in daily financial activities.
