MetaMask, a well-known non-custodial cryptocurrency wallet designed for the Ethereum blockchain, is currently experimenting with a cutting-edge on-chain payment card. This innovative card, being developed in partnership with Banx, will utilize Mastercard’s extensive payments network. As per a report from CoinDesk, which referenced promotional materials and a testing platform, this endeavor aims to introduce what could be considered the first fully decentralized web3 payment solution to the market.
The envisioned payment card by MetaMask and Mastercard is crafted to enable users to make daily transactions using their cryptocurrency holdings at any establishment that accepts card payments. This development aligns with Mastercard’s previous announcement in October, where the company expressed interest in collaborating with self-custody wallet providers like MetaMask and Ledger to explore new methods for issuing stablecoins and facilitating on-chain settlements.
Upon reaching out for comments, a spokesperson from Mastercard pointed back to an October statement by the company, emphasizing Mastercard’s dedication to the digital asset realm. The statement highlighted: “Mastercard is bringing its trusted and transparent approach to the digital assets space,” focusing on “innovative products and solutions.” These include the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs aimed at bridging web2 and web3 environments.
In a bid to enhance security and interactions within the blockchain ecosystem, Mastercard previously introduced a product called “Crypto Credential.” This initiative stemmed from collaborations with entities managing prominent blockchains such as Aptos, Avalanche, Polygon, and Solana, with the goal of promoting secure blockchain transactions on a larger scale.
Meanwhile, Mastercard’s competitor Visa has been bolstering its presence in the digital asset sector, notably through a partnership with web3 infrastructure firm Transak. This collaboration has enabled direct crypto withdrawals and payments to Visa debit cards, addressing the issue of high transaction fees on the Ethereum network.
Against this backdrop, MetaMask has also entered into a partnership with the European neobank Revolut to simplify the process of acquiring cryptocurrencies directly into MetaMask wallets. Known as Revolut Ramp, this collaboration offers MetaMask users in the U.K. and the European Economic Area (EEA) a more streamlined approach to adding crypto to their self-custody wallets. According to a blog post by Consensys, the entity behind MetaMask, this new feature supports the purchase of up to 20 different cryptocurrencies and stablecoins directly into MetaMask wallets.