Mastercard, BitOasis to launch crypto-linked cards in MENA region

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.”