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Mastercard in talks with PBOC over support for cross-border digital yuan transactions • NFCW
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Mastercard Eyes Digital Yuan Opportunities
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Mastercard Partners with Fintech Firm to Launch Central Bank Digital Currency-Linked Prepaid Card
Ding Yi / Feb 19, 2021 07:11 PM / Business & Tech
Payments processor Mastercard has partnered with fintech firm Island Pay to introduce a prepaid card that can be loaded with a central bank digital currency (CBDC) called the Bahamas Sand Dollar.
The prepaid card enables users to instantly convert the digital currency into traditional Bahamian dollars and pay for products and services anywhere Mastercard is accepted, according to a company statement on Wednesday.
The Bahamas Sand Dollar, issued by the central bank of the Bahamas, carries the same value and consumer protection as a traditional Bahamian dollar, and will be available to tourists in the future, the statement said.
Embracing CBDCs
In an interview with Bloomberg’s Emily Chang, the CEO stated that the company would enable its clients to transact using Bahamas digital currency Sand Dollar.
The partnership offspring will enable Bahamas citizens to pay for services in Mastercard-accepted places.
Mastercard and Island Pay previously launched the first-ever global central bank digital currency linked card. Nevertheless, Mr. Miebach said the financial entity is still looking into which it can include private-backed stablecoins in its network.
When asked about Bitcoin, he said due to such cryptos’ volatile pricing; it will be difficult for Mastercard to adopt non-asset-backed digital coins. According to Bloomberg, when the corporation mentioned they would accept crypto payments in the future, it led to a price upsurge of several cryptocurrencies.
Mastercard Launches Prepaid Card Linked to Bahamas Sand Dollar CBDC
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