Dubai-based crypto exchange BitOasis inks a deal with Mastercard to let users make payments with crypto-linked credit cards
BitOasis, a Middle East-focused cryptocurrency exchange startup, has struck a deal with Mastercard to launch payment credit cards linked to cryptocurrencies, the two companies said in a joint statement Tuesday.
The Dubai, United Arab Emirates-based BitOasis said the cards will enable its customers in the Middle East and North Africa to make purchases at points of sale or online, “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 comes just a week after Mastercard announced the launch of Crypto Secure, a crypto protection software aimed to help banks identify and cut off transactions from fraud-prone crypto exchanges. Using artificial intelligence, blockchain data, public records of crypto transactions, and data from other sources, the Crypto Secure system determines the risk of crime associated with crypto exchanges on the Mastercard payment network.
With the partnership, BitOasis customers will also 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.
“Currently, cryptocurrency payments and cash-outs are considered cumbersome, with the overwhelming majority of merchants not accepting such payments directly,” the statement said.
“The partnership will address these pain points and further drive customer awareness and crypto adoption in the region.”
In recent years, the Middle East & North Africa (MENA) is the fastest-growing region in the adoption of cryptocurrency in the world. In the first half of 2022, the volume of crypto received jumped 48%, according to a report from blockchain research firm Chainalysis.
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, Executive Vice President Market Development, 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% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enableBitOasis 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. Today’s partnership helps us deliver against our mission”.