The collaboration between Swoo wallet and Mastercard is strategically focused on untapped markets in Africa and Southeast Asia, where access to Google Pay is limited. A recent pilot program drew 17,000 participants who took advantage of a 5% crypto cashback scheme, highlighting the interest in cryptocurrency rewards in these regions.
Mastercard’s partnership with Swoo Pay aims to address the gap left by major players like Google in the global payments landscape, particularly in regions where traditional payment networks are prevalent but digital payment options are limited. This initiative is not Mastercard’s first foray into cryptocurrency rewards, as the company has previously partnered with platforms like Bakkt to offer similar programs.
The collaboration with Swoo Pay is particularly significant for users in countries heavily reliant on affordable Huawei smartphones, where Google services are not available due to U.S. sanctions. In these markets, there are billions of potential users with Mastercard and Visa cards who currently lack access to Google Pay and other digital payment options.
Swoo co-founder Filipp Shubin emphasized the accessibility and convenience of the rewards offered by Mastercard through Swoo, noting that the Swoo tokens can be easily converted to other cryptocurrencies like bitcoin or USDC. The success of the pilot program further underscores the appeal of crypto cashback incentives for everyday purchases.
Denis Filippov, a country manager for Mastercard, highlighted the innovative incentives that the collaboration with Swoo Pay will provide to users, particularly those using Android devices. This partnership not only addresses the limitations of tokenized payments in these regions but also aims to offer additional perks to Swoo users, making everyday purchases more rewarding.
