MetaMask Partners Mastercard to Launch Payment Card in Europe
MetaMask has announced a pilot launch of MetaMask Card through a partnership with Mastercard and Baanx.
The partnership introduces the world's first Mastercard payment card that allows users to make direct purchases from their MetaMask wallet from anywhere Mastercard is accepted according to a post on their website.
Self-custodial wallet users experience significant roadblocks when trying to spend funds outside of the crypto world as they typically have to off-ramp to their traditional bank account after transferring their crypto assets to an exchange. This process makes it difficult for crypto to be more mainstream as a form of payment method.
“This gives people more freedom to spend their assets, MetaMask Card represents a major step to removing the friction that has existed between the blockchain and traditional payments. This is a paradigm shift that offers the best of both worlds” says Lorenzo Santos, senior product manager at Consensys.
With the new MetaMask Card, users can make purchases using the funds from their MetaMask Wallet, and crypto is converted to fiat instantly upon payment with Apple Pay or Google Pay utilizing Mastercard's global merchant network.
“Mastercard’s position at the center of commerce affords us a unique vantage point to identify real-world challenges and opportunities to solve for them,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard in a post by Consensys, Metamask's parent company.
Users must have their funds on the Linea Network, also launched by Consensys, and set their spending caps for the card on MetaMask. Eligible currencies currently include USDC, USDT, and WETH.
Chief commercial officer at Baanx, Simon Jones said, “We are so delighted to partner with web3’s leading wallet, MetaMask, to power the financial revolution by enabling users to be their own bank.”
The pilot phase is commencing in the European Union (EU) and the United Kingdom(UK), opening the trial phase to only a few thousand users for now. Users can check their eligibility by going to their MetaMask Portfolio and checking for the "Card" tab.
Looking forward, the MetaMask Card is gearing up for wider availability, with plans to extend its presence to more regions. Future updates will be something crypto enthusiasts should keep a look out for.