MetaMask conducts trial of innovative on-chain payment card integrated with Mastercard network
MetaMask, a well-known decentralized cryptocurrency wallet for the Ethereum blockchain, is currently conducting tests on an innovative on-chain payment card. In collaboration with Banx, MetaMask is developing a payment card that will utilize Mastercard’s extensive payments network. This groundbreaking initiative aims to introduce the first fully decentralized web3 payment solution to the market.
The envisioned payment card by MetaMask and Mastercard is designed to allow users to use their cryptocurrency holdings for everyday transactions at any establishment that accepts card payments. This aligns with Mastercard’s previous announcement in October, where it expressed interest in partnering with self-custody wallet providers like MetaMask and Ledger to explore new methods for issuing stablecoins and facilitating on-chain settlements.
When asked for comments, a Mastercard spokesperson referred back to a statement released in October, emphasizing the company’s commitment to the digital asset domain. The statement highlighted Mastercard’s focus on innovative products and solutions, including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that aim to bridge web2 and web3 environments.
Previously, Mastercard introduced a product called “Crypto Credential” to enhance security and interactions within the blockchain ecosystem. This initiative was developed through collaborations with prominent blockchain entities such as Aptos, Avalanche, Polygon, and Solana, with the goal of promoting secure blockchain transactions on a wider scale.
Meanwhile, Mastercard’s competitor, Visa, has also been expanding its offerings in the digital asset domain through a partnership with web3 infrastructure firm Transak. This collaboration enables direct crypto withdrawals and payments to Visa debit cards, addressing the challenge of high transaction fees on the Ethereum network.
In addition to these developments, MetaMask has partnered with the European neobank Revolut to streamline the process of acquiring cryptocurrencies directly into MetaMask wallets. Known as Revolut Ramp, this collaboration offers a simpler method for MetaMask users in the U.K. and the European Economic Area (EEA) to add crypto to their self-custody wallets. Users can now purchase up to 20 different cryptocurrencies and stablecoins directly into their MetaMask wallets.
As the cryptocurrency industry continues to evolve, MetaMask, Mastercard, and other financial institutions are actively exploring new ways to make digital assets more accessible and convenient for users. These partnerships and initiatives aim to bridge the gap between traditional finance and the decentralized world of cryptocurrencies.
