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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.

Mastercard has been trying to earn a position in the digital currency field. In September last year, the company rolled out a testing platform for central banks to evaluate use cases of CBDCs. The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.

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