Mastercard is working on accepting digital currencies as payment, according to the Thailand and Myanmar manager of the payments technology company. Mastercard has been collaborating with associated parties in Thailand and around the world to plan for a future of transactions using digital currencies.
Digital currencies are expected to become a critical choice for consumers and people want to use the payment option best for them, which depends on the transaction, the Mastercard country manager Aileen Chew said, according to the Bangkok Post. The company is noticing a spike in popularity in digital currencies as a payment method around the world.
“What doesn’t change is that people want choice in how they pay, and they want every transaction to be convenient, easy to use, safe and secure. That has been the centre of our strategy for several years now — giving people choice in how they want to pay — in a fast, convenient and secure way”
In 2021, Mastercard formed a partnership with Island Pay to create the world’s first digital currency-linked payment card, supported by the Bahamas Central Bank. The agreement would allow residents of the Bahamas to use an official digital currency known as ‘The Bahamas Sand Dollar’ to make transactions using a prepaid card.
In addition to accepting digital currency, Mastercard has also been working on transportation payment systems globally, which have been adopted in over 390 cities across the world.