MetaMask has reportedly teamed up with Mastercard to test an entirely blockchain-based payment card issued by Baanx.
The MetaMask/Mastercard payment card would be “the first ever truly decentralized web3 payment solution.”
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Posted March 12, 2024 at 2:13 am EST.
MetaMask, one of the most popular non-custodial crypto wallets for the Ethereum blockchain, is reportedly testing an entirely on-chain payment card, issued by Banx, that will run on Mastercard’s payments network.
According to a Monday report from CoinDesk, citing promotional materials related to the card and a testing platform that the publication reviewed, the MetaMask/Mastercard payment card would be “the first ever truly decentralized web3 payment solution.”
As per the marketing materials, users would be able to use the card to spend their crypto on making everyday purchases at any venue where cards are accepted.
In October, CoinDesk reported that Mastercard was exploring how best to collaborate with self-custody wallet firms like MetaMask and Ledger. The report was based on a pitch deck from the payments firm evaluating new models for global issuance issuing stablecoin on chain settlement.
Last year, the firm launched a new product called “Crypto Credential” aimed at bringing about more secure interactions on the blockchain. To further adoption of this solution, Mastercard teamed up with the entities behind the Aptos, Avalanche, Polygon and Solana blockchains.
Mastercard rival Visa has also been amping up efforts to build solutions for the digital asset space, with one of its biggest ventures centered around easing the burden of transaction fees in user transactions on Ethereum. In January, Visa partnered with Web3 infrastructure provider Transak to enable crypto withdrawals and payments through its Visa Direct solution, enabling users to withdraw currencies directly from a wallet like MetaMask to a Visa debit card.
