- The card will allow users to spend their crypto on everyday purchases.
- Mastercard has been pushing into Web 3.0 to leverage blockchain and crypto benefits.
Cryptocurrency wallet MetaMask is reportedly testing entirely on-chain payment cards in partnership with Mastercard. The Mastercard-branded card would allow “users to spend their crypto” on daily purchases in places where the cards are accepted.
The MetaMask/Mastercard payment card would be “the first ever truly decentralized Web 3.0 payment solution.”
The partnership brings together two entities recognized as leaders in the payments sector. MetaMask is dubbed the biggest self-custody wallet with over 30 million monthly active users. On the other hand, Mastercard is a key player in the traditional payment system, linking global customers to its credit and debit card network.
See Related: MetaMask Integration Unlocks Decentralized Social for Millions of Ethereum Users
Mastercard’s Push Into Web 3.0 Technologies
The partnership with Mastercard happens when conventional payment players push into the world of Web 3.0 technologies. In 2023, Mastercard expressed interest in working with leading Web 3.0 wallet providers to leverage the potential of cryptocurrencies and blockchain technology in payments.
Mastercard said integrating its payment cards with wallet providers offers additional revenue streams and increases active user numbers. The company also believes the integration reduces friction in transaction processes and fosters customer loyalty.
In addition, Mastercard is looking into innovative ways of issuing its payment cards across the world, including using stablecoins for on-chain settlements. The endeavors have seen the payments giant introduce innovations such as the Mastercard Multi-Token Network and new card programs bridging between Web 2.0 and Web 3.0.
Rival payments company Visa has also made inroads into blockchain and crypto. The company is actively working with the stablecoin USDC and the Solana blockchain to effect seamless cross-border payments.
