MetaMask, Mastercard and Baanx have co-launched a pilot of the MetaMask Card, the first Mastercard payment card to allow direct spending from a MetaMask wallet.
The MetaMask Card works like a debit card, allowing holders to use the crypto in their MetaMask wallet for everyday purchases while keeping control of their funds until the payment is made. It leverages Mastercard’s global merchant network, MetaMask’s security and Linea’s efficiency, and is powered by the Ethereum network.
Cardholders can use the card to make payments anywhere that Mastercard is accepted, which MetaMask believes will drive the adoption of crypto.
Previously, spending crypto in the real world was cumbersome, often requiring users to go through multiple steps like sending funds to an exchange, transferring them to a bank, and then finally spending them. This complicated process has slowed the mainstream adoption of crypto as a practical everyday currency.
Lorenzo Santos, Senior Product Manager at Consensys, said: “MetaMask Card pilot gives people more freedom to spend their crypto. MetaMask Card represents a major step to removing the friction that has traditionally existed between the blockchain and real-world commerce. This is a paradigm shift that offers the best of both worlds.”
The pilot is initially available to a limited group of users in the EU and UK. A few thousand users in these regions can sign up for the MetaMask Card, which can be immediately integrated with Apple Pay or Google Pay. At launch, supported currencies include USDC, USDT, and WETH on Linea.
However, MetaMask Card has stated that it is set to expand its reach, with plans for geographic expansion into additional regions in the near future.
Simon Jones, Chief Commercial Officer at Baanx, commented: “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.”
This product was teased earlier this year. In March, Mastercard revealed it was working alongside blockchain wallet provider MetaMask in developing an on-chain payments card that runs on blockchain technology.