Payments giant Mastercard has signed an agreement with Middle East-based cryptocurrency exchange BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East and North Africa region ( ORE), according to to the local media outlet Khaleej Times.

Through the strategic partnership, BitOasis users will have the opportunity to easily pay and shop by converting their cryptocurrency holdings to fiat at more than 90 million merchant locations worldwide.

As a result, the cumbersome tag attached to crypto withdrawals and payments will be removed because BitOasis users will transact in fiat. According to the report:

“The transactions of BitOasis clients may be carried out in fiat currencythus adding consumer protection, such as provisions for dispute resolution and refunds, that do not exist today when paying with a digital asset.”

Therefore, the association intends to address crypto hotspots and improve awareness and adoption in the MENA region.

Amnah Ajmal, Mastercard Executive Vice President of Market Development, MEA, noted:

“Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable a seamless consumer experience by using their cryptocurrencies in a safe and secure environment.”

He added that changing consumer demand required the crypto payment path.

For his part, Ola Doudin considered collaboration as a new era of the digital financial system where transparency, inclusion, relevance and regulation would be incorporated on a daily basis.

The CEO and co-founder of BitOasis added:

“We continue to see a sustained demand among our clients for cryptocurrencies to be integrated and relevant to their daily lives. Research tells us that 47% of the population in the Middle East now believe that cryptocurrencies are the future of money.”

The first batch of BitOasis cards will be released in early 2023 in accordance with regulatory approvals.

In the meantime, a paradigm shift is taking place in the Middle East, especially in the United Arab Emirates (UAE), as the region’s interests are shifting from oil to crypto and the metaverse, among other blockchain innovations, Blockchain.News informed.

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