• Swoo wallet is a partnership that targets emerging regions such as Africa and Southeast Asia and specifically parts not reached by Google Pay.
  • In January, 17,000 people took part in a pilot program that offered a 5% cashback on crypto.

Mastercard, the world’s largest payments company, is working with SwooPay, a mobile payment app focused on emerging markets, to offer rewards in cryptocurrency. This will fill the gaps in global payments left by Google and other companies.

Mastercard, Visa, and other large payment networks have been offering cryptocurrency rewards for years. Mastercard announced a crypto-loyalty program in partnership with NYSE platform Bakkt a couple of years back. BTC Price Index and Live Chart – CoinDesk”>(BTC) on purchases – ventures that have fallen by the wayside for one reason or another.

Mastercard and Swoo are partnering to target new regions, such as Africa and Southeast Asia. This includes the areas that Google Pay has not yet reached. Swoo’s co-founder Filipp Shubin said, “This includes connecting users to countries where there is a high concentration affordable Huawei smartphones.”

Shubin stated in an interview that “there are many emerging countries such as Nigeria, Kenya and the Philippines, where there are millions of people who have MasterCard or Visa cards but do not have access to Google Pay.” Another problem is that countries with a large market share of Huawei phones are not able to use Google services because of sanctions imposed by the U.S.

Shubin stated that Mastercard would be the ultimate supporter of Swoo tokens. These tokens can be instantly converted into other cryptos such as bitcoin or USDC. In January, 17,000 people took advantage of the 5% cashback program.

In a press release, Mastercard’s country manager Denis Filippov said that Swoo Pay addresses the issue of tokenized payments on Android devices, making them easier to use. Our collaboration is intended to offer additional incentives for Swoo customers in their everyday purchases.

Parikshit Miishra is the editor.