KEY FACT: Crypto.com is set to launch a Mastercard-powered prepaid card in Bahrain in January 2025, following its acquisition of a full payment service provider license from the Central Bank of Bahrain. The card, available across all tiers, offers rewards of up to 8% and allows funding via e-money wallets or third-party cards. This expansion into the Gulf Cooperation Council (GCC) builds on Crypto.com’s partnership with Beyon Money to explore innovation in AI, open banking, and payment solutions. The move capitalizes on Bahrain’s crypto-friendly regulatory environment and highlights Mastercard’s ongoing integration of cryptocurrency solutions into its global payment network. The card service will initially launch in Bahrain and gradually expand across the GCC region.
Source: Mastercard
Crypto.com Launches Mastercard-powered Card in Bahrain
Crypto.com, a Hong Kong-based cryptocurrency exchange, is set to launch a prepaid card in Bahrain in January 2025, after its successful acquisition of a full payment service provider license from the Central Bank of Bahrain (CBB). This development marks Crypto.com's significant expansion into the Gulf Cooperation Council (GCC) region, encompassing Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Mastercard announced the development through a blog post on December 4, 2024.
Crypto.com has secured a principal licence with Mastercard, enabling the company to directly issue cards on Mastercard’s network. Crypto.com will launch a card in Bahrain powered by Mastercard. Souce
The forthcoming card, powered by Mastercard, will be available across all five of Crypto.com's card tiers, including the premium "Black Obsidian" level, with rewards of up to 8% on spending. Cardholders will have the convenience of funding their accounts through the Crypto.com app using e-money wallets or third-party-issued credit and debit cards, with payouts denominated in U.S. dollars.
This initiative follows Crypto.com's recent partnership with Beyon Money, a leading digital financial services provider in Bahrain. The collaboration was to explore strategic opportunities in transactions and payments, as well as joint innovation in artificial intelligence and open banking services. Karl Mohan, General Manager APAC & MEA of Crypto.com, expressed enthusiasm about the partnership, highlighting Beyon Money's innovative product infrastructure and extensive reach within Bahrain.
“We’re really proud to be partnering with Mastercard, a global technology leader in the payments industry, and utilising our recently issued Payment Service Provider licence from the Central Bank of Bahrain to launch our world-renowned prepaid card to our users in Bahrain and beyond,”
The GCC region has been proactive in fostering a crypto-friendly environment. Bahrain, in particular, has licensed local Shariah-compliant exchanges like Rain and CoinMENA and established a regulatory sandbox attracting projects from entities such as OpenNode and JPMorgan. Crypto.com's expansion into this market is a first step to enhancing its presence in the Middle East and North Africa (MENA) region.
Amnah Ajmal, Executive Vice President, Market Development and EEMEA at Mastercard emphasized the benefits of the partnership, stating that Crypto.com will now have access to Mastercard's global network and the Fintech firm's comprehensive tools for enhancing transaction security and fraud protection.
“We are delighted to welcome Crypto.com as a Mastercard Principal Member. The programme provides a wide range of benefits and opportunities beyond the direct issuance of Mastercards. Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection,”
This development comes amid Mastercard's ongoing efforts to integrate cryptocurrency solutions into its services. In September 2024, Mastercard partnered with European crypto payments infrastructure provider Mercuryo to launch a euro-denominated crypto debit card, allowing users to spend cryptocurrencies stored in self-custodial wallets at over 100 million merchants within the Mastercard network.
Crypto.com's strategic expansion into Bahrain and the broader GCC region will help the leading FinTech firm provide innovative financial solutions and capitalize on the growing acceptance of cryptocurrencies in the area.
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