Bitmama interrupts virtual MasterCard services, here’s why
Bitmama, one of African crypto companies, has paused its card service partnership with Mastercard due to unforeseen issues with the card service provider. The company further explained that the pause is necessary to protect its users. The company has joined a growing list of financial companies that have paused or suspended card services on their platform. Notable companies and startups including Rise and Carbon Rise discontinued virtual card services on their platform due to fluctuating exchange rates and provider issues. According to Lendsqr CEO Adedeji Olowe, the reason any business or company would suspend or stop card services on its platform is because the cost is high, and the revenue opportunity is limited. However, Union54, a leading virtual card provider for many fintechs, discontinued its services in 2022 due to a surge in chargeback fraud cases. In the Bitmama’s case, the company inform users via email that it’d need to discontinue its card services partnership with MasterCard…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
